California Foreclosure Relief Plans Released May 28th 2010 by Essex Mortgage Bank

Obama recently announced updates to his Homeowner Affordability and Stability/Making Home Affordable Plan. This plan is in addition to the finance bills passed by the US congress in 2008 and early 2009.

Online PR News – 01-June-2010 – – Santa Rosa, CA, May 31, 2010 -- Last Friday the Obama administration announced their latest plans for helping consumers who are currently in foreclosure or are moving slowly toward the foreclosure process.

Help for the unemployed- Jobless mortgage holders can receive a three month temporary forbearance on their mortgage loan. Loan servicers participating in the Making Home Affordable Program ( ) are required to offer assistance to all jobless borrowers who meet eligibility criteria.

Meeting eligibility criteria- You must provide proof of unemployment insurance benefits. The home must be your primary residence and the loan origination dated prior to January 1, 2009. The current loan balance must be less than $729,750. The borrower must be less than 90 days delinquent with payments on the current mortgage loan.

Qualifying for FHA refinance loans ( )- The borrower must be current with their existing mortgage payments, home is current primary residence and a FICO credit score of > 500. The monthly payment for the new loan must remain below 31% of borrowers income. Other rules which apply to all FHA loans can make it difficult for most to qualify for FHA refinance.

The new laws and plans include stipulations should make it easier to refinance mortgages ( ) to the historically low interest rates we have been seeing since 2009. These new government-backed loans are the best and often only refinance option available for homeowners facing difficulties due to rising interest rates and increasing payments. Government-backed mortgages are also often the only viable refinance option for homeowners with credit scores below 700 or with less than 25% equity left in their home.

We help qualified homeowners get fixed rate government-backed mortgage relief loans.

For Homeowners Who Still Have Equity

With the traditional FHA loan program ( ) a homeowner can get a fixed rate loan for up to 97% of the current appraised value of their home. Via the new Homeowner Affordable Refinance Program (HARP) homeowners with conforming loans can now refinance up to 105% of the appraised value of their home. By taking advantage of Government Refinance Assistance you could save thousands of dollars on your mortgage payments over the next few years and have the peace of mind of knowing that your home is financed with a low fixed rate. Plus FHA allows homeowners in most states to get a cash out refinance for up to 85% of the current value of the home.

If you would like to learn it you are a candidate for a government-backed loan contact us today by filling in the contact form on our website or by calling The Essex Mortgage Bank Team or Jeffrey Martino Young on their toll free # 1-877-870-2676 or on our wesite we are always there to answer questions and be of service.

More information can be found online at

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404