Finance » Loans » Home » What is the cost of Obama's Affordable home plan to the consumer?

Updated on Apr 18, 2010  •  Rated 0 / 10 helpful with 0 Votes

Obama is finally helping the people who are actually making payments for their homes. Now, what does it cost the consumers? Pretty much nothing. All you need to do is prepare the paperwork and send it over. Your only cost is time. Here is a list of things that your bank shouldn't be asking for money for sure while you get your home loan modified.

  • Information
    Yes. Your bank or servicer cannot charge you for information. It specifically says: When promoting or describing loan modifications, servicers should Disclosure provide borrowers with information designed to help them understand the modification terms that are being offered and the modification process.
  • Modification Fees
    You pay nothing. Borrower should not pay any fees or charges.
  • Unpaid Late Fees
    Borrower does not have to pay any unpaid late fees that they owe by the time the process starts. From the horses' mouth: Unpaid late fees will be waived for the borrower. These include late feesvprior to the start of the Trial Period and accrued during the period.
  • Credit Report
    Borrower does not have to pay for credit report. Bank/Servicer pays for it.
  • Cash Contribution or Down Payment
    There is no such thing as down payment. Repeated: You do not have to make a down payment to get you loan modified.

Keywords : Obama Affordable Home Plan Foreclosure Help

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