| Obama's making homes affordable program is | | | | modified to make sure you can afford it by reducing |
| designed to help people who are in trouble or soon | | | | interest rates and extending the length of the |
| will be and are at risk with their mortgage and are | | | | mortgage. |
| heading towards foreclose, even if they do not | | | | The HARP program has slightly different |
| realise it yet. | | | | requirements but expired on June the 10th 2010 so it |
| This government program helps you trough a loan | | | | is no longer valid. |
| modification. Some loan modification programs which | | | | The HAFA program. This you really want to avoid |
| are part of making homes affordable give lenders | | | | because this is for people who qualify for the HAMP |
| cash incentives to help out homeowners in distress. | | | | program but are unable to meet their payments and |
| Making homes affordable has in reality many different | | | | keep their home. This program will then allow them |
| programs under the same umbrella, including the so | | | | to sell their home without negative financial |
| called loan modification bailout program. HAMP | | | | consequences but the fact is however you make it |
| program, HARP program, HAFA and the second lien | | | | look you are losing your home. |
| modification (2MP). | | | | The bottom line is this. The program you should be |
| With all these terms flying around many people do | | | | looking at is the HAMP program. If you are in debt or |
| not know what to do and if you are struggling with | | | | behind with your mortgage or fear you are on your |
| your mortgage payments you do not want to be | | | | way to being so then get help and find a company |
| faced with confusing terms. All you want is someone | | | | that is part of the loan modification bailout program |
| to tell you what you need to do to save your home. | | | | or making homes affordable as it is called. |
| Here is what you need to know. | | | | The sooner you get help the better. The last thing |
| The HAMP program has the following requirements. | | | | you want is to find yourself in such financial difficulty |
| #1 - the home you want to remortgage is one you | | | | that even if you qualify for making homes affordable |
| live in. | | | | you still cannot make the payments and will face the |
| #2 - the mortgage must be under $729,750 dollars. | | | | heartbreak of losing your home. |
| #3 - the loan modification under the HAMP program | | | | Getting help only takes a few minutes and the |
| cannot exceed 31% of your household income. | | | | sooner you start the better if you want to prevent |
| If you qualify for this the mortgage can also be | | | | your home from being foreclosed. |