If you’re one of the millions of American’s struggling to pay your mortgage, we’ve got good news. Mortgage Insurance Companies of America (MICA) may be able to provide help to those who don’t qualify for the Making Home Affordable Program through a new “Second Look” initiative.
If you’re not familiar with Obama’s plan, here’s a brief recap. The Making Home Affordable Program was released by the Obama Administration in March of this year to help home owners at risk of losing their homes. The plan has two components: a refinancing option and a loan modification alternative. If your mortgage is guaranteed by Fannie Mae or Freddie Mac, you may be eligible to refinance your loan to take advantage of low interest rates and counter devaluation. Loan modification, on the other hand, allows home owners to modify their existing mortgage by reducing monthly payments to more sustainable levels.
Unfortunately, not everyone qualifies for assitance. That’s why MICA has developed the Second Look Program. It provides an additional review to home owners who have been denied a modification of a loan that is not owned or guaranteed by Fannie or Freddie. Although it is undetermined how many people will benefit from the program, MICA was able to save nearly 100,000 homes from foreclosure last year alone.
If you’d like to learn more about Second Look, follow this link.
If you’re not familiar with Obama’s plan, here’s a brief recap. The Making Home Affordable Program was released by the Obama Administration in March of this year to help home owners at risk of losing their homes. The plan has two components: a refinancing option and a loan modification alternative. If your mortgage is guaranteed by Fannie Mae or Freddie Mac, you may be eligible to refinance your loan to take advantage of low interest rates and counter devaluation. Loan modification, on the other hand, allows home owners to modify their existing mortgage by reducing monthly payments to more sustainable levels.
Unfortunately, not everyone qualifies for assitance. That’s why MICA has developed the Second Look Program. It provides an additional review to home owners who have been denied a modification of a loan that is not owned or guaranteed by Fannie or Freddie. Although it is undetermined how many people will benefit from the program, MICA was able to save nearly 100,000 homes from foreclosure last year alone.
If you’d like to learn more about Second Look, follow this link.
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