HARP, HAMP, HAFA What the HECK are all these programs!!! Don't Be Confused Answers HERE!!!

Well, don't be confused, just take a look at all the programs that can help you even if you are employed full time and don't have a hardship of any kind.  The Federal Government has some great programs courtesy of your tax payments and its ability to print money, so you might as well benefit from the programs and take a look at what you qualify for in the way of reductions in your mortgage payment.  Many of these programs won't last forever, so take some time to see what you qualify for. 

Some of the programs will not affect your credit at all and may even improve your credit by lowering your mortgage payment.

• HARP - Home Affordable Refinance Program  This is a program that allows you to refinance your home even if it is under water by up to 125% or not under water and you actually owe less on your home than it is worth.  It is for the first mortgage and can be done even if you have a second mortgage.  You must live in your home and need to check to see if your loan is owned by Fannie Mae or Freddie Mac.  (The party you make your payments to is not always the party who owns or is the investor in your loan)  You can do an easy check online at either http://www.fanniemae.com/loanlookup/ or   https://ww3.freddiemac.com/corporate/  If your loan is owned by either you pass the initial qualification for the program.  Your loan must be current and you must be able to prove you have the income to afford the lowered payment.  This is a great opportunity, you can read more about the program to see if you qualify further at  http://www.knowyouroptions.com/options-to-stay-in-your-home/home-affordable-refinance-program-option     

• HAMP - Home Affordable Modification Program This is the program for people who have suffered a hardship and is designed to lower their monthly payment to lower the monthly payment to 31% of the monthly gross income.  You can qualify for this program if you cannot refinance, you are behind or likely to fall behind on your payments, and your home is owned by either Fannie Mae or other qualifying lenders.  If you are eligible for this program you could qualify for a permanent modification to your loan.  The details for this program can be found at http://www.knowyouroptions.com/options-to-stay-in-your-home/home-affordable-modification-program-option

• HAFA - Home Affordable Foreclosure Alternatives  If you cannot refinance and have not been able to qualify for a modification of your mortgage HAFA offers an alternative to Foreclosure.  If your loan is not eligible for a permanent modification and is owned by either Fannie Mae or Freddie Mac or a participating mortgage company you may be eligible for the HAFA program.  The huge benefit to the program is that you may be able to qualify for a new mortgage within 2 years after the short sale or deed in lieu offered in this program versus 7 years if the home is foreclosed.  There is also the possible offer of a cash payment if you qualify to participate in this program if certain requirements are met.  It is definately a program to review and take action on if you are facing foreclsoure.  Details on this program are available at http://www.knowyouroptions.com/options-to-leave-your-home/home-affordable-foreclosure-alternatives-option 

So as you can see there are a lot of ways to avoid foreclosure and even some great programs for responsible financially capable owners.  Many of these programs have deadlines, so take action today to do something to improve your financial future.  These programs are available now, so why not take advantage.