Facing foreclosure? New government programs can help you as a homeowner
It seems everyone is feeling the pinch these days. Some of us more than others. If you are one of the countless Americans who is behind in their mortgage payments or even in foreclosure than President Obama's Home Affordable Modification Program (HAMP) will provide you with the immediate assistance you need to stay in your home.
The Making Home Affordable Program is part the president's comprehensive and unique strategy to get the US housing market back into gear. The Making Home Affordable Program provides relief to the stressed American homeowner and gives back to the consumer the ability to keep their home by creating a monthly payment plan that they can afford. The Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP) assist lenders with modifying first and second mortgages/mortgage loans to a target range of 38% of the borrower's gross monthly, 31% of which is paid by the borrower, 7% will be provided by Federal assistance.
If you are unemployed and caught with a mortgage you cannot currently afford, the Home Affordable Unemployment Program (UP) is available to provide unemployed borrowers with temporary assistance avoid foreclosure. For those who are already dealing with the pain of foreclosure, the Administrations Home Affordable Foreclosure Alternatives Program (HAFA) has emergency structures in place to prevent the nightmare from becoming a reality.
All it takes to enroll is either an invitation from your loan servicer, or a phone call to them requesting the modification paperwork. Fill out the paperwork and attach your letter of hardship to get the process started. No foreclosure proceedings can occur while in the modification process. If the process seems onerous or frightening there are other options. If you are living in Dallas, Texas there are many vendors willing to provide loan modification assistance. Most vendors hire former loan officers to provide counseling and other assistance to borrowers, such as creating a package for the servicer. You have everything to gain and nothing to loser by filling out the paperwork.
The Making Home Affordable Program is part the president's comprehensive and unique strategy to get the US housing market back into gear. The Making Home Affordable Program provides relief to the stressed American homeowner and gives back to the consumer the ability to keep their home by creating a monthly payment plan that they can afford. The Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP) assist lenders with modifying first and second mortgages/mortgage loans to a target range of 38% of the borrower's gross monthly, 31% of which is paid by the borrower, 7% will be provided by Federal assistance.
If you are unemployed and caught with a mortgage you cannot currently afford, the Home Affordable Unemployment Program (UP) is available to provide unemployed borrowers with temporary assistance avoid foreclosure. For those who are already dealing with the pain of foreclosure, the Administrations Home Affordable Foreclosure Alternatives Program (HAFA) has emergency structures in place to prevent the nightmare from becoming a reality.
All it takes to enroll is either an invitation from your loan servicer, or a phone call to them requesting the modification paperwork. Fill out the paperwork and attach your letter of hardship to get the process started. No foreclosure proceedings can occur while in the modification process. If the process seems onerous or frightening there are other options. If you are living in Dallas, Texas there are many vendors willing to provide loan modification assistance. Most vendors hire former loan officers to provide counseling and other assistance to borrowers, such as creating a package for the servicer. You have everything to gain and nothing to loser by filling out the paperwork.
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