Facing Foreclosure? HAMP & HAFA Can Help!

The Making Home Affordable Program is one component of the Obama Administration's comprehensive strategy to get the US housing market back on its feet. The Making Home Affordable Program puts some very strong options into the hands of American homeowners. The Home Affordable Refinance Program (HARP) assists with the refinancing of struggling mortgages, the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP) will assist with modifying first and second mortgages/mortgage loans, and the Home Affordable Unemployment Program (UP) is available to provide unemployed borrowers with temporary assistance avoid foreclosure. For those already in foreclosure, the Administrations Home Affordable Foreclosure Alternatives Program (HAFA) has structures in place to prevent this from becoming a reality.

short term cash loans, cash to payday loans, payday cash advance loans,

If you are working, but still finding it hard to meet the terms of your current mortgage then you may be eligible for participation the HAMP program. To meet the conditions for a loan modification under HAMP you must:

Be the occupant/owner of a home or condo unit Have an unpaid principal balance on the home that is less than or equal to $729, 750 Have a first lien mortgage that was originated on or before January 1, 2009 Have a monthly payment that is greater than 31% of your monthly gross Can show proof of financial hardship All loan servicers owned or guaranteed by Freddie Mac or Fannie Mae must participate in the program, so even if you are facing foreclosure you may be eligible.

Participating servicers under terms of agreement are not allowed to refer your loan for a foreclosure sale or may not proceed with any foreclosure sales on any loan until the borrower/homeowner's HAMP evaluation has been concluded, and or a trial modification offer has been made to the borrower. Participating servicers are required to use all reasonable effort to make contact with those homeowners facing foreclosure and determine eligibility. Foreclosure sales are not permitted while the loan is under consideration for a modification nor during the predetermined trial period. Once a homeowner has come into a trial agreement with the mortgage company, the servicer may not take legal action to initiate foreclosure.

If you have received a letter in the mail from your loan service provider, or if you have been fighting to make payments and wish to be considered for the program then the HAMP program is something you may wish to participate in.

You will need to fill out the loan modification form and send it in to your loan service provide with a letter of hardship attached. If you do not feel that this is something you are confident in handling on your own there may be assistance for you by means of loan modification vendors. The Dallas Fort Worth area has a variety of options for homeowners in means of information, research, and hands on assistance. There are plenty of vendors who will assist with DFW loan modifications, either as a consultant to the process, or act with power of attorney for you. If you need assistance with your DFW loan modifications contact one today.

payday loans direct lenders

Get Emergency Cash You Need! Not Check Your Credit. Do Not Worry. Get Approved Fast. Fast Apply Now!

Rating of payday loans direct lenders

Get Online Application at online payday loans.


Post a Comment

Copyright © 2013. Cash Advance Loans Online
Support by USA Cash Payday Loans