| Many Americans are feeling the press from the | | | | measures in place to prevent foreclosure from |
| economic downturn. Job loss, job restructuring, and | | | | becoming a reality. |
| furloughs can eat into a families' financial resources. | | | | The home loan modification program calls for lenders |
| Many families have been through multiple layoffs in | | | | to lower a borrower's mortgage payments to a |
| one years. It is no wonder that foreclosures are at | | | | number that is equal to but no greater than 38% of |
| an all time high. If you are in default or or want to | | | | the individual's gross income (monthly). The Federal |
| stop foreclosure proceedings there is good news for | | | | government will contribute funds to support the |
| you. Modifications to the Obama Administrations | | | | lowering of a borrower's payments to a payment no |
| home loan modification bill will provide the means for | | | | more than 31% the borrower's gross monthly. |
| up to four million Americans to restructure and | | | | Lenders participating will receive $1000 for every loan |
| modify their existing home loans. | | | | modification granted to individual borrowers who |
| The Making Home Affordable Program is but one | | | | have agreed to sign up for the program, and will |
| component of the Obama Administration's total | | | | receive additional monies ($1000 each year), for up |
| strategy to get the US housing up and going again. | | | | to three year provided the borrower meets the |
| The Making Home Affordable Program puts some | | | | goals of their loan modification. Borrowers also have |
| well-needed options back on the table for American | | | | incentives. They are eligible for up to $5000 off the |
| homeowners. The Home Affordable Refinance | | | | principle of the loan provided payments are made per |
| Program (HARP) is designed to assist with the | | | | the agreement for five full years. |
| refinancing of high interest mortgages, the Home | | | | If you are worried about your home and fearful that |
| Affordable Modification Program (HAMP) and the | | | | you won't be able to get a modification then be at |
| Second Lien Modification Program (2MP) will assist | | | | ease. Insured lenders they are required to participate. |
| with modifying the terms of first and second | | | | You can stop foreclosure on your home. and it starts |
| mortgage loans, and the Home Affordable | | | | by apply for a home loan modification through the |
| Unemployment Program (UP) is provides immediate | | | | loan servicer or through HUD/ If you don't feel |
| relief unemployed borrowers with assisting them with | | | | confident in your ability to navigate the process alone |
| foreclosure avoidance. For those already in | | | | there are vendors who will provide you with |
| foreclosure, the Administrations Home Affordable | | | | assistance to stop foreclosure on your home. |
| Foreclosure Alternatives Program (HAFA) has | | | | |