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Is it a thumbs up or a thumbs down for President Obama as he completes a 100 days in office? What are his achievements as he marks this milestone?
“Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America. This is Obama told the massive crowd gathered on the National Mall for his inauguration, on January 20, 2009.
100 days after he said that, some believe he’s done quite a bit. Obama has ordered closure of Guantanamo Bay prison, reworked interrogation policies for terror suspects and promised to pull out majority of troops in Iraq by 2010. And to revive the sagging economy, a 787 billion bailout package plus rescue plans for the banking, auto and real estate sectors. Obama’s Loan Modification Plan is supposed to help homeowners to afford their monthly mortgage payments by refinancing the current mortgages or by having their loans modified in some way. His plan would include help for Homeowners(FSBO) who are not currently in default but are in some ways at risk of failing behind in their mortgages payments or are at risk of default.
Obama’s Loan Modification Plan would reduce interest rates so that the monthly obligation is no more than 38% of a homeowner’s income and then the government would kick in money to bring payments down to 31% of the borrower’s income.
Unfortunately the vast majority of the funds will go to the banks and lenders with the objective of incentive them to participate in this program, but they will not be forced to comply.It may also be possible, if the bank is willing, to modify the loan, usually temporarily. This can be difficult to do, and will require the assistance of a professional foreclosure negotiator.
The creditor also may be willing to work out a repayment plan. Normally a large down payment and proof of income is required