making home affordable: Help for Unemployed Homeowners through the Making Home Affordable Programs - 07/03/10 11:49 AM
Beginning August 1, 2010...participants in the Making Home Affordable (MHA) Program will be assisting homeowners who are currently unemployed. The Unemployment Program (UP) offers homeowners a forbearance period to temporarily reduce or suspend their monthly mortgage payments while they seek re-employment. These loans are held by Fannie Mae or Freddie Mac, to read the guidelines for the Unemployment Program for non-GSE servicers, click here.
PROGRAM DETAILS: Minimum forebearance period is 3 months (the mortgage servicer has the option to extend this period depending on the investor and regulator guidelines). If the homeowner becomes employed then the forebearance … (5 comments)
making home affordable: Homeowners...Walking Away from you home should never be an option - 04/03/10 12:13 PM
Walking away from your home should NEVER be an option. Owning a home comes with many decisions that have to be made and homeowners must remember their obligations. Walking away from your home will do more harm than good, by walking away from you home you have decided to: Ruin your credit: Foreclosure remains on credit reports for 10 years or more and remains as a public record permanently. Typically, a foreclosure will affect your credit score for several years and lower your score significantly. Subject yourself to a deficiency judgement: the bank has the right to pursue a deficiency judgement. … (5 comments)
making home affordable: Making Home Affordable Program (MHA): Helpful Hints to Getting Help Faster - 12/29/09 10:18 AM
The Making Home Affordable Program is a program put together by the Obama Administration in the attempt to get help for homeowners in need. It is also a program that the borrow has to qualify for, it is not automatic. With persistence and patience, the Making Home Affordable Program can make a difference for homeowners. With that said the following steps are needed: Contact your lender right away. Contact the Lender that is lending you the money on the home that you own. Contact the customer service number on your mortgage statement. Not all lenders are participating in the Making … (0 comments)
making home affordable: Making Home Affordable Program (MHA) - 12/11/09 01:27 AM
In March 2009, President Obama Administration introduced the Home Affordable Modification Program (HAMP). HAMP was designed to assist 3 to 4 million homeowners that are facing foreclosure. This program was to allow home owners to have their mortgage interest reduced considerably for a five year time period. Under HAMP, the homeowner would have to meet the following eligibility requirements: Homeowner MUST be in financial hardship Homeowner MUST have the ability to modified mortgage payment. Homeowner MUST be delinquent on their mortgage or faces imminent risk of default. Property is occupied as borrower's primary residence. Mortgage was originated on or before … (2 comments)
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Beginning August 1, 2010...participants in the Making Home Affordable (MHA) Program will be assisting homeowners who are currently unemployed. The Unemployment Program (UP) offers homeowners a forbearance period to temporarily reduce or suspend their monthly mortgage payments while they seek re-employment. These loans are held by Fannie Mae or Freddie Mac, to read the guidelines for the Unemployment Program for non-GSE servicers, click here.
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