Government Mortgage Relief Program – Official Guidelines and Highlights

March 12th, 2009 by michael e. riley

If you ever wondered what the official Mortgage Modification Guidelines look like, we provided the highlights of the program below. “Making Home Affordable” will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.

The “Home Affordable Refinance” program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the “Home Affordable Refinance” program, many …

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Mortgage Modification Under HASP – Are You Eligible?

February 24th, 2009 by michael e. riley

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 …

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