Real Estate Blog

GOOD NEWS!
The government has created programs to help people having trouble making their mortgage payments.
If you or someone you know is in this position, know your options.

Been turned down for a refi or loan modification?

New programs offer help! Call your Lender Now!

Go to www.makinghomeaffordable.com/contact_servicer.html  
to see if your lender is participating in the Making Home Affordable Program.

If so, they are required to evaluate homeowners for a Home
Affordable Modification Program. Basic requirements:

1. Primary residence
2. Mortgage less than $729,750
3. Monthly mortgage more than 31% of current gross income.
If yes to all 3, find your lender and contact him NOW!

If you are not eligible, still contact your lender for other alternatives!

If you do not qualify for a refi or loan mod and can no longer afford your home but want to avoid foreclosure, The Home Affordable
Foreclosure Alternatives (HAFA) Program offers homeowners options. Basic requirements:

Do not qualify for a modification under the Making Home
Affordable Program.

Do not successfully complete the trial period for the modification

Miss at least two consecutive payments during the modification

Request a short sale or deed-in-lieu of foreclosure and the $3000
incentive for relocation costs.

Short Sale

In a short sale, the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage.

Deed-in-Lieu of Foreclosure

Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a deed-in-lieu of foreclosure.

The HAFA Program streamlines both of these options to make them easier for the homeowner. For more information about your options, you should contact your mortgage servicer.


Doing Nothing Should Not Be An Option!

 

 

Posted by Marcia Hadeler on May 7th, 2010 9:44 PMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

Marcia Hadeler, REALTOR Coldwell Banker - Brokers of the Valley Napa, CA 94558
Phone: Cell: Fax:

Contact Me | For Sellers | Home | Site Map | My Blog

Copyright © 2012 Marcia Hadeler, REALTOR
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.