Homeowner Affordability & Stability Plan
President Obama announced the Homeowner Affordability and Stability Plan today.
He expects to help between 7 and 9 million homeowners avoid foreclosure through work out solutions and refinancing.
* Only to owner occupied homes
* Single Family 1st lien with unpaid principal balance not the exceed 729,750
* Loans can only be modified under the plan once
* Front end debt to income ration is 31% and backend DTI is 55%
* Borrower required to vertify income via tax returns and pay stubs
* 2nd liens can be extinguish on approved modified loans.
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