How to Use the Fast Cash Advance of Obama's Mortgage Plan

Fast cash advance for endangered families

You may already be safe from foreclosure!

President Obama’s plan to revamp the mortgage industry and save families - including the octuplet mom and her kids - from foreclosure is now in full gear, like a fast cash advance for the afflicted. As part of the package, mortgage lenders like Citigroup and JP Morgan Chase have gone into a temporary moratorium phase for new foreclosures. Mr. Obama’s housing plan, which launches March 4, will distribute a sum total of $75 billion.

But how can those in need take advantage? Thanks to The Street, there is a formula threatened homeowners can follow. If you need help, try some of the good ideas they have compiled for your benefit.

Obama’s plan will advance cash fast

The Homeowner Affordability and Stability Plan is the key to disadvantaged homeowners. Essentially, it will allow people to restructure their mortgages so that they can avoid foreclosure. If you owe more than 80 percent of your home’s value, more refinancing options to advance cash fast will be available.

Up until March 4, here’s what The Street suggests homeowners do to put them in the best possible position to benefit:

1. Continue to make your mortgage payments: “Homeowners that are current [on payments] but eligible for the new plan should continue to make their mortgage payments in a timely manner,” says Gail Cunningham of the National Foundation for Credit Counseling. “Doing otherwise could compromise their credit report and score.”
2. Know what’s on your credit report: If there are errors on your credit report - and this does happen - you want to report it and have the error removed. The easiest way to get a hold of your credit report is entirely free; download it from annualcreditreport.com. Making sure that all information is accurate will speed up the process through which your home loan is modified.
3. Consider the refinance option: For those of you who still owe more than 80 percent of your home’s value, you may be able to refinance if your original loan was guaranteed by either Freddie Mac or Fannie Mae. If you need more information on how low mortgage rates are in the area in which you live, Web sites like BankingMyWay.com can help.

President Obama envisions his plan keeping as many as nine million homes out of foreclosure. “The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly,” he said. “It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans.” May this fast cash advance keep more families safe and warm. ... click here to read the rest of the article titled "How to Use the Fast Cash Advance of Obama's Mortgage Plan"