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Making Home Affordable Plan ~ Does Your Lender Participate?

Making Home Affordable ~ Does Your Lender Participate?

The Treasury Department announced the eligibility and lender requirements for the Home Affordable Program on November 30, 2009.

They did not say all "lenders" and "servicers" had to participate in this new program that is designed to help home owners who are having trouble or are not able to make their mortgage payments.

To find out if your lender or servicer participates you can do two things. You can call your lender directly to find out if they participate. Or you can go the the Making Home Affordable website and look for your servicer on the list provided.

If you would like to participate in the Making Home Affordable programs you MUST meet FIVE basic eligibility criteria:

1) The loan must be for your primary residence

2) First lien originated before 2009

3) You are delinquent or in default because of a reasonable cause or foreseeable (loss of income)

4) Unpaid balance cannot exceed $729,750

5) Your total monthly payment exceeds 31% of your gross income.

The Making Home Affordable plan is designed to help homeowners avoid a foreclosure on their primary residence. To find out out more information go to www.makinghomeaffordable.gov or feel free to contact me for further information.

 Making Home Affordable Plan ~ Does your lender participate?

 

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 4 commentsTerrie Leighton • March 13 2010 11:12PM

Comments

Terrie, thanks for posting the guidelines for this program.

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 8 years ago

Terrie - Thank you for sharing an informative and helpful blog.

John

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 8 years ago

terrie, great info, and i am sure it will help alot of buyers who are searching for the best program for them!

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

It's a shame not all lender who are FDIC insured don't HAVE to particiapate. 

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 8 years ago

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