Obama’s Mortgage Relief Plan

It’s no secret that our economy is in turmoil. Unemployment rates are at a record high, consumers are spending less money, the stock market is practically crashing and foreclosure rates are skyrocketing. Taking all of this into consideration, it would seem like 2009 will be a harsh economic year for America. But, there is definitely hope in all of this. Obama has told us countless times, “it’s time for a change” and he means it. After his inauguration, he talked about what he plans to do to turn our economy around. Although he talked about hundreds of different grant programs, I am going to focus on his grant program to help decrease the amount of foreclosures.
Obama’s goal is to incentivize lenders to work with their borrowers who are upside down on their house and figure out more affordable terms. People that owe more than what their home is worth will have an opportunity to refinance. It also encourages lenders and loan officers to take consideration and reach out to the more at-risk borrowers. Ever since the start of the economic downfall, our government has tried to create some sort of solution to get us all out of this mess. Interest rates have dropped to as low as 5% , the government offers financial benefits to first time home buyers, etc. However, none of these seemed to really work. Economists say the reason Obama’s plan will work is because he is actually offering a financial assistance. They say the key to Obama’s plan is the fact that he is going to offer financial incentives to lenders and loan officers to work with their borrowers.
The big question, however, is will it be enough? Skeptics worry that the qualifications will be so specific that the stimulus plan will only benefit a select few when what we need is for it to help the mass majority of people that are struggling to make payments on their house. Others worry that the 75 billion dollar bailout will put our nation too much in debt and the efforts to help the economy will in fact make it worse because we will get more in debt.
Regardless of skeptics, the majority of economists feel very optimistic about President Obama’s Grant Program. There is certainly a “need for a change” and it looks like this may be just what we are needing. I think the biggest factor of this actually working will be educating consumers about the program. Most people think it is a hoax that the government would ever give out free money even if it is in a form of a grant.
I hope word gets out to anyone who is struggling to keep their home. America has finally realized the severity of the economy and is taking serious measures to fix things. We all need to spread the word and let people know that there really is a solution to all of this economic hardship.

Avoid Foreclosure-government grants to pay mortgage payments

Avoid Foreclosure: Sign up for a Free Government Grant Today!
When I was in college, I remember constantly hearing about buying a house! It seemed like everyone I knew was trying to get into a condo, house, townhouse or a house. It was the “smart” thing to do to buy a house and avoid “throwing your money away” through renting. The theory of it all makes sense. Why not buy a house and pay down the mortgage instead of paying in rent just to pay down THEIR mortgage.
Well, then I started to wonder how everyone I knew seemed to be able to afford to buy a house. What about down payments, interest rates, monthly payments, Taxes and Insurance etc.? How were all these college students affording all of this with their part time jobs?
I started to do some more research only to find out that they couldn’t afford it! They became caught up in what is called and ARM ( Adjustable Rate Mortgage), Interest Only, or Reverse Mortgage. All of these options do NOT include paying down your mortgage. In fact, some of them are EVEN making you become MORE in debt.. . . worse off than renting! The worst option of all ( in my opinion) was the adjustable rate mortgage. You are sailing along with a 1% interest rate for the first two years then BAM! You interest rate goes up to 8, 9 or even 10 percent!
All of these people were banking on one thing: the economy! They all thought that the economy would keep growing and their equity would keep doubling like it had the previous year. Nobody ever thought about what would happen if the economy started to take a turn in the opposite direction.
So, little by little when people’s Adjustable Rate Mortgages started adjusting, they realized there was no way they could afford their doubled payments and then the horrible word started to take place: FORECLOSURE! The more foreclosures, the worse the economy became and then. . . the domino effect!
But, I can’t help but wonder through all of this why people are not taking advantage and apply for free grants to help them keep their house! The government does not want the domino effect to continue and gives out free government money to keep people from entering into foreclosure. The government gives out thousands of different grants for countless different options. I can almost guarantee that one of the free government grant applications would apply to you.
There are free business grants, free cash grants, free college grants, free government business grants, free government grants for college, grants for small business, grants for women, grants for women business owners, housing grants, home improvement grants, minority business grants, minority grants, money grants, music grants and many many more.
Now, you are probably wondering how to go about applying for a government grant in order to save your house from foreclosure or better your financial situation in any way! http://www.grantgenerator.com is a great site to begin with. It will give you the information you need on how to apply for a government grant, which government grant would be best for you etc. Best of luck to everyone!