As we all know the housing and real estate market had experienced a big downfall during the time of recession. However, today the Obama administration made a program which can put the housing market condition back on track. The program is called “Making Home Affordable Program”, that offers great options to all homeowners.
Various options such as home affordable refinance program (HARP), Home Affordable Modification Program (HAMP), Second Lien Modification Program (2MP), and Home Affordable Unemployment Program (UP) are programs that can help and assist homeowners regarding their difficulties on mortgage loans. The HARP is the program for homeowners who needs refinancing to a struggling mortgage, HAMP and 2MP is the program for homeowners who are in need of assistance in modifying their first and second mortgages while UP is the option that helps those unemployed borrowers to avoid facing foreclosure. However, even those homeowners that were already being in foreclosure, hope is being given by the Home Affordable Foreclosure Alternatives Program (HAFA).
Homeowners who were currently facing difficulties in paying their mortgage they may be able to participate in the HAMP. To be eligible for the program, they must meet these requirements; they must be the owner/occupant on the house or the unit; their unpaid principal balance is $729,750 or less; their first lien mortgage was dated prior to or on January 1, 2009; they are making a monthly payment greater than 31% of their monthly gross; and they have a proof of hardship. Even those homeowners that were facing foreclosure were also eligible because all the loan servicers that are owned by Freddie Mac or Fannie Mae should participate in the program.
Participating loan servicers were required to make their best effort to find all the homeowners in foreclosure issues however were eligible to be in the program. Under the terms and agreements of the program, loan servicers are not allowed to put the property of the homeowner into foreclosure until the homeowner’s application for HAMP has been fully evaluated.
So for homeowners who are getting problems regarding facing foreclosure, HAMP is a program you might consider to participate to. All you need to do is fill out the form for loan modification, attached with a letter of hardship and send it to your loan servicer.
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