The Home Affordable Unemployment Program (HAUP) started July 1, 2010. It will provide homeowners a forbearance of monthly mortgage payments, either reducing them or suspending them for at least three months. Servicers can extend the timeline depending on regulatory guidelines.
Some guidelines for qualification include:
1. Homeowners have a first-lien mortgage originated on or before Jan. 1, 2009.
2. The unpaid principal balance on a single-unit primary residence must be equal to or less than $729,750
3. The mortgage has to be in default or in imminent default.
4. Those who have already gone through the Home Affordable Modification Program (HAMP) process are not eligible for the HAUP.
For the full story go to http://www.housingwire.com/2010/07/02/treasury-launches-new-mortgage-help-for-unemployed-in-july
Keisha Hosea is a local Market Expert and Realtor in Chino Hills, California with Keller Williams Realty, She is the Team Director and CEO of KASI Homes. Keisha Hosea and the KASI Homes team offer help to home buyers and home sellers throughout the Inland Empire. With a Master of Arts Degree in Marriage, Family and Child Counseling, Keisha has worked extensively with families and couples during difficult and transitional times. KASI Homes is the place where you find Real Estate with a passion for Real Life Solutions. For more information call direct at (909) 261-6377. Visit the website at http://KASIHomes.com