Insurances.net
insurances.net » Housing Insurance » Are You Eligible For The Making Home Affordable Program?
Auto Insurance Life Insurance Health Insurance Family Insurance Travel Insurance Mortgage Insurance Accident Insurance Buying Insurance Housing Insurance Personal Insurance Medical Insurance Property Insurance Pregnant Insurance Internet Insurance Mobile Insurance Pet Insurance Employee Insurance Dental Insurance Liability Insurance Baby Insurance Children Insurance Boat Insurance Cancer Insurance Insurance Quotes Others
]

Are You Eligible For The Making Home Affordable Program?

Are You Eligible For The Making Home Affordable Program?

The Making Home Affordable program is aimed to help save eligible homeowners from a deed in lieu of foreclosure

. The guidelines of this program require lender to make a temporary reduction of payments for borrowers that are eligible for modification and are deemed to be in actual foreclosure or risk of imminent default.

The Qualifying Rules

- They mortgage loan itself has not been previously modified under the HMP.

- If delinquency or default is reasonably foreseeable regarding the mortgage loan. Loans that are currently in foreclosure are eligible as well.Are You Eligible For The Making Home Affordable Program?


- Mortgage loan must be secured by a one- to four-unity property, one of which must be the borrowers principal residence: 1. Mortgage loans secured by condominium units and cooperative share mortgages are also eligible for the HMP; 2. Secured loans by manufactured housing units are eligible for the HMP as well.

- The property that is securing the mortgage loan must not be vacant or condemned.

- The borrower must document financial hardship and represent how they, the borrower, do not have sufficient liquid assets to make the monthly mortgage payments. They must do this by completing a Home Affordable Modification Program Hardship Affidavit as well as provide any and all required income documentation.

- Documentation in regards to the borrowers supporting income may not be more than 90 days old.

- Borrower must have a monthly mortgage payment ratio that is greater than 31 percent of the borrowers income.

- Any borrower that is currently in an active litigation regarding the mortgage loan is also eligible.

- The servicer may not require a borrower to waive legal rights as a condition of the HMP.

- At the servicers discretion a borrower that is actively involved in a bankruptcy proceeding is also eligible for the HMP.

- If one does not exist, the borrower must agree to set up an escrow account for taxes and hazard & flood insurance prior to the beginning of the trial period.

- A borrower may also be accepted into the program if a fully executed Home Affordable Modification Trial Period Plan is in the servicers possession on December 31, 2012.

- The borrowers current unpaid principal balance on the mortgage loan prior to capitalization must be greater than: 1. One unit: $729,750, 2. Two units: $934,200, 3. Three units: $1,129,250, 4. Four units: $1,403,400.

These guidelines only apply to your eligibility into the program and not for qualifying for an actual modification. For more information on the Making Home Affordable Program and you can possibly prevent your home from becoming one of the many Orange County foreclosures, visit the OC-REO Team today. They can answer all of your questions about this program, foreclosures in Orange County and so much more! Avoid Orange County foreclosure today!

by: Ashley Ford
An Easy Guide To Rehabbing A House Making Huge Money From Wholesaling Houses Start Flipping Houses Now And Make Huge Profits Must Haves For Rehabbing A Home How Do You Know If Rehabbing Homes Will Make Good Money For You? Rehabbing A Home For Bigger Profitsrehabbing A Home For Bigger Profits Roseville, Placer County: Homes And Real Estate Up For Sale Your Dream Home In Denver, Co: Real Estate For Everyone Rehab-real-estate: Using Creativity To Fix And Flip Houses Fixing And Flipping Houses The Right Way Flipping Houses And Making Big Money Rehab-real-estate: Fixing And Flipping A House The Right Way Preparing Yourself To Flip And Fix Houses
Write post print
www.insurances.net guest:  register | login | search IP(54.226.226.30) / Processed in 0.012204 second(s), 6 queries , Gzip enabled debug code: 32 , 2971, 958,
Are You Eligible For The Making Home Affordable Program?