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Making Home Affordable ~ Home Affordable Foreclosure Alternatives ~ Are you eligible?

Making Home Affordable (MHA) ~ Home Affordable Foreclosure Alternatives Program (HAFA)

On Novemeber 30, 2009, the U.S. Treasury Administration announced a plan to set guidelines directed toward lenders and servicers to help borrowers who are having trouble making their mortgage payments.

 These new guidelines are designed to help home owners avoid a foreclosure and are suppose to speed up the "short sale" process and/or loan modification. The full article on President Obama's Making Home Affordable Plan  can be found at www.makinghomeaffordable.gov.

 Many folks are wondering how this program will work and what they should do. The first step the home owner needs to take is to find out if their lender or servicer is taking part in this program. The next step will be finding  out if you are eligble for a loan modification or to short sell you home.   Always contact your lender with questions regarding your mortgage first. They will tell you if they are participating in this program. Not all lenders are singed up to participate.

Are you eligible for the MHA or HAFA programs?

To be eligible you must meet the following five basic criteria:

1) The property must be borrowers primary residence

2) First lien on the property must have originated before 2009

3) The mortgage is delinquent or default is reasonable foreseeable

4) Unpaid principle balance not more than $729,750

5) Borrowers total monthly payment exceeds 31% of gross income

To find out if your lender is part of the Making Homes Affordable plan, visit the Making Home Affordable website. This plan does not take place until April 5, 2010 yet some participating lenders have already started mailing letters to borrowers who are behind on their monthly mortgage payments. If you are one of the millions of home owners behind on your mortgage payment and have NOT been opening you mail from your lender, you may want to start. There could be valuable information regarding the MHA and HAFA rules and guidelines that could help you.

Should you have any questions or need further information, please feel free to contact me, 775.846.5424.

Making Home Affordable ~ Home Affordable Foreclosure Alternatives ~ Are you eligible?

 

 

Your Home. My Priority. Since 2003

Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
NAR's Green Designation ~ Certified Green
Certifed Negotiation Expert (CNE)
Property Manager

Ferrari-Lund Real Estate

 Cell ~ 775.846.5424

Email ~ Terrie@terrieleighton.com

 

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Comment balloon 2 commentsTerrie Leighton • March 12 2010 10:38PM

Comments

Hi Terrie!  Nice post and I have to say, I love your new photo!  Great job!  Have a great day!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) over 8 years ago

Great information Terrie! Thank you!

And I agree with Kristin. I love the new photo too. Again, thank you!!!

Posted by Craig Rutman, Raleigh, Cary, Apex area Realtor (Helping people in transition) over 8 years ago

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