Obama Breathes New hope into the Making Home Affordable Mortgage Refinance Plan

President Obama signed in a modification to one of the Making Home Affordable Plan's mortgage assistance programs. HARP, or the Home Affordable Refinance Program has been modified by obama to become more liberal towards the homeowners home debt to home value ratio. Before the new guidelines homeowners who had a mortgage that was upside down, or underwater, or in other words if the mortgage balance was larger then the value of the home the homeowner simply did not qualify for the obama refinance assistance program.

On July 1st 2009, Obama expanded the reach of the Make Home Affordable Mortgage Refinance Program. Before the recent change the mortgage refinance side had a qualifying term that restricted the eligibility of this program to Homeowners who had a loan to value percentage of 105% or less. Today however a Homeowner who has as high of a loan to value ratio as 125% is now eligible under the new Obama modifications put in place. This is quite a significant increase in reach in regards to the HARP qualifying terms. Now we all just have to hope that the lenders are willing to work with those kind of numbers.

Mortgage Modification - The Importance of Communicating Hardship and Writing Your Hardship Letter

Your Hardship Letter is a crucial aspect of your ability to Obtain a Loan Modification

Your hardship letter is one of the most important aspects of your efforts to make home affordable by obtaining a mortgage modification or other mortgage solution from your lender.

Communicating Hardship to Your Lender is Key

Ken Lewis Replacement as BoA CEO is Named

A guy named Brian T. Moynihan has been announced as the new Bank of America CEO. Brian will replace the current CEO Ken Lewis after Mr. Lewis retires come December 31st.

Hope of Genuine Mortgage and Housing Stability

The number of foreclosure sales that were executed last month was lower then the previous month. The decrease in foreclosure sales in October compared to November is now the third month to month drop in foreclosure sales in a row!

This is a exciting new trend, and is great news for the housing and mortgage lending industry as well as the American Homeowner and the American economy. The big question now is will it hold?

Banks are Failing: 100+ this year!

105 or so banks have failed in the US this year. This is quite a statistic. Though we should say that this number may seem more catastrophic then it really is. To put this number in perspective if you go back to 1992 during the credit and loans crisis, there were 182 bank failures. so on that level things may not seem so bad.

Read More on Bank Failures

HAMP - Home Affordable Modification Program

The Home Affordable Modification Program also offered to as HAMP for short is the obama loan modification portion of the Making Home Affordable Plan. The volume of mortgage modifications from president Obama's Homeowner help and assistance program created to make home affordable for the American Homeowner as performed better then the steep goals originally set by Obama himself.

Innovative peer to peer lending lending platform: Can you Prosper?

There is a cool new innovative lending site online known as prosper.com

Prosper.com is a peer to peer lending site that allows users which are both borrowers and or lenders, to borrow money or lend money to individuals in denominations of as little as 50.00