| The Making Home Affordable Program is one | | | | if you are facing foreclosure you may be eligible. |
| component of the Obama Administration's | | | | Participating servicers under terms of agreement are |
| comprehensive strategy to get the US housing | | | | not allowed to refer your loan for a foreclosure sale |
| market back on its feet. The Making Home | | | | or may not proceed with any foreclosure sales on |
| Affordable Program puts some very strong options | | | | any loan until the borrower/homeowner's HAMP |
| into the hands of American homeowners. The Home | | | | evaluation has been concluded, and or a trial |
| Affordable Refinance Program (HARP) assists with | | | | modification offer has been made to the borrower. |
| the refinancing of struggling mortgages, the Home | | | | Participating servicers are required to use all |
| Affordable Modification Program (HAMP) and the | | | | reasonable effort to make contact with those |
| Second Lien Modification Program (2MP) will assist | | | | homeowners facing foreclosure and determine |
| with modifying first and second mortgages/mortgage | | | | eligibility. Foreclosure sales are not permitted while the |
| loans, and the Home Affordable Unemployment | | | | loan is under consideration for a modification nor |
| Program (UP) is available to provide unemployed | | | | during the predetermined trial period. Once a |
| borrowers with temporary assistance avoid | | | | homeowner has come into a trial agreement with the |
| foreclosure. For those already in foreclosure, the | | | | mortgage company, the servicer may not take legal |
| Administrations Home Affordable Foreclosure | | | | action to initiate foreclosure. |
| Alternatives Program (HAFA) has structures in place | | | | If you have received a letter in the mail from your |
| to prevent this from becoming a reality. | | | | loan service provider, or if you have been fighting to |
| If you are working, but still finding it hard to meet | | | | make payments and wish to be considered for the |
| the terms of your current mortgage then you may | | | | program then the HAMP program is something you |
| be eligible for participation the HAMP program. To | | | | may wish to participate in. |
| meet the conditions for a loan modification under | | | | You will need to fill out the loan modification form |
| HAMP you must: | | | | and send it in to your loan service provide with a |
| | | | letter of hardship attached. If you do not feel that |
| 1. Be the occupant/owner of a home or condo unit | | | | this is something you are confident in handling on |
| 2. Have an unpaid principal balance on the home that | | | | your own there may be assistance for you by |
| is less than or equal to $729, 750 | | | | means of loan modification vendors. The Dallas Fort |
| 3. Have a first lien mortgage that was originated on | | | | Worth area has a variety of options for homeowners |
| or before January 1, 2009 | | | | in means of information, research, and hands on |
| 4. Have a monthly payment that is greater than 31% | | | | assistance. There are plenty of vendors who will |
| of your monthly gross | | | | assist with DFW loan modifications, either as a |
| 5. Can show proof of financial hardship All loan | | | | consultant to the process, or act with power of |
| servicers owned or guaranteed by Freddie Mac or | | | | attorney for you. If you need assistance with your |
| Fannie Mae must participate in the program, so even | | | | DFW loan modifications contact one today. |