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Jun 19

Obama Administration’s Making Home Affordable Plan Has Problems

Posted on Friday, June 19, 2009 in Mortgage News

Up to 9 million homeowners who are at risk of losing their homes were supposed to benefit from the Obama administration’s Making Home Affordable program. Participants were supposed to be able to lower their monthly mortgage payments through refinancing.

The plan was supposed to help more than 4 million homeowners by guaranteeing loans through Freddi Mac and Frannie Mae; other citizens in need were meant to benefit from the $75 billion in incentives given to providers in order to administer mortgage modifications. (more…)

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May 17

Mortgage Relief OK For Credit Rating

Posted on Sunday, May 17, 2009 in Mortgage Advice, Mortgage News, Taxes

Though millions of Americans have their fingers crossed for federal assistance when it comes to making their mortgage payments during these times of financial hardship, many have questions about the impact in the long run of such aid. One big question is this: will using the Obama Administration’s program hurt my credit score?

In a word, no. Since refinancing is really just rewriting a mortgage agreement, it doesn’t usually affect a homeowner’s credit score. (more…)

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