Many Americans are feeling the press from the economic downturn. Job loss, job restructuring, and furloughs can eat into a families' financial resources. Many families have been through multiple layoffs in one years. It is no wonder that foreclosures are at an all time high. If you are in default or or want to stop foreclosure proceedings there is good news for you. Modifications to the Obama Administrations home loan modification bill will provide the means for up to four million Americans to restructure and modify their existing home loans.
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The Making Home Affordable Program is but one component of the Obama Administration's total strategy to get the US housing up and going again. The Making Home Affordable Program puts some well-needed options back on the table for American homeowners. The Home Affordable Refinance Program (HARP) is designed to assist with the refinancing of high interest mortgages, the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP) will assist with modifying the terms of first and second mortgage loans, and the Home Affordable Unemployment Program (UP) is provides immediate relief unemployed borrowers with assisting them with foreclosure avoidance. For those already in foreclosure, the Administrations Home Affordable Foreclosure Alternatives Program (HAFA) has measures in place to prevent foreclosure from becoming a reality.
The home loan modification program calls for lenders to lower a borrower's mortgage payments to a number that is equal to but no greater than 38% of the individual's gross income (monthly). The Federal government will contribute funds to support the lowering of a borrower's payments to a payment no more than 31% the borrower's gross monthly.
Lenders participating will receive $1000 for every loan modification granted to individual borrowers who have agreed to sign up for the program, and will receive additional monies ($1000 each year), for up to three year provided the borrower meets the goals of their loan modification. Borrowers also have incentives. They are eligible for up to $5000 off the principle of the loan provided payments are made per the agreement for five full years.
If you are worried about your home and fearful that you won't be able to get a modification then be at ease. Insured lenders they are required to participate. You can stop foreclosure on your home. and it starts by apply for a home loan modification through the loan servicer or through HUD/ If you don't feel confident in your ability to navigate the process alone there are vendors who will provide you with assistance to stop foreclosure on your home.
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