Posts Tagged ""

[ F1 News: ] loan modification help from the Feds for distressed and underwater homeowners

on Apr 25, 2012 in HARP Refinance | 40 comments

Loan Modification Help from the Feds for distressed homeowners and underwater products by Homeowner101 We recently published a blog post on loan modification options for distressed homeowners and underwater. One of the options we mentioned, buy information pills but not to elaborate on it was the federal government Making Home Affordable Program (MHAP). The federal program is designed to keep American homeowners their homes by making changes to qualifying mortgages. Under the broad umbrella Making Home Affordable, there are a number of programs through which you may find help: HAMP (Home Affordable Modification Program): If you are still employed, will have a hard time making your mortgage payment then you can qualify for HAMP. It can make your payments to 31% of your gross monthly verified (before tax) income to reduce – meaning your mortgage will be no more than 31% of your income (before taxes are taken). You could see a 40% reduction in your monthly mortgage payment. The HAMP qualifications are: • a one-to four-unit own home is your principal residence (this is where you live most of the time) • You have your mortgage on or before 1 January 2009 • Have a mortgage payment (including principal, interest, taxes, insurance premiums, and homeowners association) that is more than 31 percent of gross income (before tax) monthly income • You have an amount that is less than or equal to 9750 of debt on your for a first mortgage. one-unit property (there are higher limits for two-to four-unit properties) Harp (Home Affordable Refinancing Program): If you are unable to obtain traditional funding itself (because the value of your home has dropped so much) harp might be able to help. With harp, will refinance loan fee. 2MP (Second Lien Modification Program): When was your first mortgage (your primary home loan) changed constantly under HAMP and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage at 2MP. This program is designed to work with HAMP participants – as a long-term solution, so that you can afford to stay in your home. HAFA (Home Affordable Foreclosure Alternatives Program): The federal short sale or deed-in-lieu-program does not account for the difference between what you owe on your mortgage and the amount that your home for sale ( see article on the blog after a foreclosure deficiency judgments). In addition, you get 000 in relocation assistance for successful completion of your short sale or deed-in-lieu of foreclosure. HHF (Housing Finance Agency Innovation Fund for the hardest-hit housing markets): If your state is on the list can help you before this program in execution. They have yet to qualify to participate in the MHAP. This program was developed to help you if you are either working (you do not have to work as many hours as needed) or unemployed. Many (probably millions) of homeowners in distress have been trying for the last four years, working with their lenders for a loan modification to get their monthly mortgage payments cheaper. Many have not been successful. This government mortgage assistance programs have been developed theoretically, to provide homeowners with a loud voice, and more power in more mortgage modifications. You want to have not been as successful as most people. On the homeowner 101, we are sure that you explore your loan modification options. We also want you to explore your other options – you will not get stuck in this situation. Short Sale, 2.0 HARP refinance mortgage, strategic default, foreclosure, even to do nothing, all you have. Which is best...

Read More