The governments Making Home Affordable program is a terrific start to help keep millions of Americans in their homes. Staying in place vs a short sale or foreclosure is usually the best option if at all possible.
The Making Home Affordable Program offers two different potential solutions for borrowers: (1) refinancing mortgage loans, through the Home Affordable Refinance Program (HARP), and (2) modifying mortgage loans, through the Home Affordable Modification Program (HAMP).
To apply for a modification under HAMP, you must:
Be the owner-occupant of a one to four unit home;
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;
Have a first lien mortgage that was originated on or before January 1, 2009;
Have a monthly mortgage payment (including taxes, insurance, and home owners 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 documented.
For more information on the short sale process, see www.willfrost.com. For more information on the short sale process, you can reach me, William Frost at 314-620-6822 or willfrost@cbgundaker.com. I am happy to discuss your individual situation to help get you in the right direction.
ANGEL // Jul 21, 2010 at 1:50 am
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