Mortgage Modification Under HASP – Are You Eligible?
Housing Plan Reduce Mortgage Payment
Many of homeowners have questions regarding the President Barack Obama’s Housing Plan. A lot of Americans are in various stages of foreclosure and the help can not come soon enough. So who is eligible?
The program is expected to help those who are in danger of not making their monthly payments. The applicants do not have to be behind, but may be asked to demonstrate that they may be short on making their monthly payments. The program’s eligibility is determined by whether the monthly mortgage payment is above 31% of applicant’s gross income. Jumbo loans (the loans over $417,000) are not eligible and neither are second mortgages.
The lenders and loan servicers are encouraged to participate in the program by receiving subsidies and various incentives from the government but are not otherwise required to participate. Servicers receive $1000 per loan modification and will continue receiving $1000 each year for three years if the borrower continues being current on the loan.
Watch an interview with Early Show’s financial adviser Ray Martin, who answers some of the questions.
Housing Plan HASP
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please send an application as soon as possable I am recently unemployed and close to if not allready 3 months behind on mortgage. had a tuolumne county first time home buyers loan with 40,000 at 3% and 100,000 wells fargo at 5.25 % and a 12000. grant to live in rural;area for 5 years. made the 5 year mark lost my job and need help. 209 586 9204 ask for theresa or send me a online application to tmdirtrider@netzero.net