Livonia, MI (PRLEAK ) September 26, 2009 � With the introduction of the Making Home Affordable Program by the Obama administration to stabilize the housing market, one of the largest online retail mortgage lenders, Quicken Loans, has launched a new online tool to help homeowners determine their eligibility for the new housing program
The Making Home Affordable program is based on two factors. One is for homeowners that are unable to avail of refinance options due to pending mortgages that is worth more than their homes. The program aims at helping owners with refinance options with current loan-to-value ratios between 80 and 125 percent.
The second part of the program aims at homeowners facing the danger of foreclosure due to non-payment of mortgage installments. The government is lending its support to those who are able to prove their financial limitations due to reduction in income, job loss, or other problems that are debt related. Homeowners that cannot cope with an adjusting interest rate are also considered in the program.
Homeowners who are not sure of their eligibility for the program and advised to use Quicken Loans online loan modification tool to help determine the right program for them. The tool includes an equity calculator to calculate loan-to-value ratio and helps homeowners determine whether loan modification or refinance would suit them.
An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better. Details on eligibility and the Refinance Plus programs are included in the video. Homeowners are advised to take advantage of this opportunity and rid themselves of financial stress and the danger of foreclosure.An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better~An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better~An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better~An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better~An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better~An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better}. Details on eligibility and the Refinance Plus programs are included in the video. Homeowners are advised to take advantage of this opportunity and rid themselves of financial stress and the danger of foreclosure.
Hey John,
Thanks for your time this afternoon on the phone. I appreciate all the help you gave me in understanding why I didn't qualify through my loan modification company. I will be supporting your petition to Congress and i commend you guys on your honest approach to helping people.
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Rubbish about Quicken being so proactive and such a good corporate citizen! This is a loan company that sold a loan for a long time called “The Quicken Advantage” loan that they would refinance you every 3 months for free for the life of your home. Too good to be true, but the slick sales people hooked me in 2007 and I’m learning in 2008 that the failsafe way to borrow money was not so failsafe once you get layed off and once your home dips below principle owed. Now, I’m one of the casualties of Quicken that feels they were dishonest and when we tried desparately to get a mod, they said no, sell short! The Obama program is for everyone, but the problem is that 90% of the people that need it are being turned down becuase it is not a manditory government program. It has no down-side to banks that choose not to do them. Quicken refused to modify mine, but no one ever said “shame” to them for selling so many Advantage loans that put people upside down thinking they could go right-side up in 3 months waiting for home prices to go back up. Or if you were lucky like me, you got laid off and that itself disqualified me from refinancing under the “Advantage” loan. Quicken was not up front about what they were doing to consumers! I don’t see anyone calling them on it, and it’s time the truth came out!