Like everyone who purchased a home in the last five years, you owe more than your home is worth. One or both of you have lost your jobs and you are struggling to stay current on your mortgage payments. The Obama administration announced on March 4th, they will offer assistance to as many as 7 to 9 million homeowners. The program known as The Home Affordable Refinance program will be available to homeowners who are current on their mortgage payments and want to stay in their homes, but do not qualify for refinancing because their current loan to value ratio is above 80%. Obama has made a second program available to at-risk homeowners to help avoid foreclosure known as the Home Affordable Modification program. Under this program, lenders will work with homeowners to lower their monthly payments so they can stay current.
Eligibility for the Home Affordable Modification is as follows (taken directly from the U.S. Department of the Treasury Report published March 4, 2009):
- Loans must have originated on or before January 1, 2009
- First lien loans on owner-occupied properties with unpaid principle balance up to $729,750. Higher limits allowed for owner-occupied properties with 2-4 units.
- All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
- Property owner occupancy status will be verified through borrower credit report and other documentation; no investor-owned, vacant, or condemned properties.
- Incentives to lenders and servicers to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.
- Modifications can start from now until December 31, 2012; loans can be modified only once under the program.
Tampa Real Estate | Tampa Foreclosures | Tampa Real Estate News |Tampa Real Estate Blog
For more information, please contact me at info@buytampafl.com
Looking for a new home? Search the Tampa Real Estate market for a list of all available homes in the Tampa/St. Petersburg area.
;)
;)
