Navigating the Road to Short Sale or Loan Modification
Facing the reality that you might lose your home is an overwhelming experience. You may be afraid, stressed, panicked, and find your mind racing with possible scenarios. The GB0-323 reassuring fact is that there are mortgage assistance programs out there that can help you make your home more affordable, or help you sell your home before it is foreclosed on. In February of 2009, the Obama Administration introduced the Making Home Affordable plan to stabilize the housing marketing and help homeowners avoid foreclosure.
The Home Affordable Modification Program (HAMP) allows eligible homeowners to lower their monthly mortgage payments, taxes, insurance and homeowner association dues to 31 percent of their pre-tax income or lower. The loan modification must equal more value than foreclosing on the home would. The lower payments begin temporarily but are made permanent after the homeowner makes three on-time payments.
To qualify for HAMP, a homeowner must be the owner-occupant of a one- to four-unit home, and have an unpaid principal balance that is equal to or less than:
1 Unit: $729,750
2 Units: $934,200
3 Units: $1,129,250
4 Units: $1,403,400
The homeowner must also have a first lien mortgage that was originated on or before January 1, 2009; have a monthly mortgage payment (including taxes, insurance and homeowner's association dues) greater than 31 percent of your monthly gross (pre-tax) income; and have a mortgage payment that is not affordable due to a financial hardship that can be GB0-283 documented.
The Home Affordable Foreclosure Alternatives (HAFA) was designed to help homeowners avoid foreclosure by Short Sale
To be considered for HAFA, a homeowner must not qualify for HAMP, or does not successfully complete a HAMP trial period, or misses at least two consecutive payments on a HAMP modification.
While these programs offer assistance and relief, homeowners remark that each process is difficult to navigate, the lack of organization of the process causes the plans to be extremely delayed, and lenders have difficulty communicating with borrowers for update documents. Homeowners can hire financial counselors to help walk them through the process, but the cost of this service isn't anything they can afford to pay during this time. Free resources and seminars are also available but are so overwhelmed that they continue to delay the process for the homeowner.
The Home Affordable Guide walks the homeowner through the short sale or loan modification process online in five easy steps and obtains all necessary information to auto populate essential documents. This takes the guesswork out of the application process and makes it simple to complete in a short amount of time. The program even allows homeowners to store GD0-110 all of their communication with their lender in one location, organizing the process.
If you are in danger of losing your home and are lost when it comes to the process of applying for mortgage assistance programs, The Home Affordable Guide was designed for you. You no longer need to be afraid or intimidated by the process.
The Home Affordable Modification Program (HAMP) allows eligible homeowners to lower their monthly mortgage payments, taxes, insurance and homeowner association dues to 31 percent of their pre-tax income or lower. The loan modification must equal more value than foreclosing on the home would. The lower payments begin temporarily but are made permanent after the homeowner makes three on-time payments.
To qualify for HAMP, a homeowner must be the owner-occupant of a one- to four-unit home, and have an unpaid principal balance that is equal to or less than:
1 Unit: $729,750
2 Units: $934,200
3 Units: $1,129,250
4 Units: $1,403,400
The homeowner must also have a first lien mortgage that was originated on or before January 1, 2009; have a monthly mortgage payment (including taxes, insurance and homeowner's association dues) greater than 31 percent of your monthly gross (pre-tax) income; and have a mortgage payment that is not affordable due to a financial hardship that can be GB0-283 documented.
The Home Affordable Foreclosure Alternatives (HAFA) was designed to help homeowners avoid foreclosure by Short Sale
To be considered for HAFA, a homeowner must not qualify for HAMP, or does not successfully complete a HAMP trial period, or misses at least two consecutive payments on a HAMP modification.
While these programs offer assistance and relief, homeowners remark that each process is difficult to navigate, the lack of organization of the process causes the plans to be extremely delayed, and lenders have difficulty communicating with borrowers for update documents. Homeowners can hire financial counselors to help walk them through the process, but the cost of this service isn't anything they can afford to pay during this time. Free resources and seminars are also available but are so overwhelmed that they continue to delay the process for the homeowner.
The Home Affordable Guide walks the homeowner through the short sale or loan modification process online in five easy steps and obtains all necessary information to auto populate essential documents. This takes the guesswork out of the application process and makes it simple to complete in a short amount of time. The program even allows homeowners to store GD0-110 all of their communication with their lender in one location, organizing the process.
If you are in danger of losing your home and are lost when it comes to the process of applying for mortgage assistance programs, The Home Affordable Guide was designed for you. You no longer need to be afraid or intimidated by the process.
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