The economic times have been hard on many of us. The federal government has several programs you may want to explore. Before you give up hope… explore these possibilities.
From the Department of Treasury and HUD making home affordable site,
Home Affordable Modification Program (HAMP)
“If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.”
Second Lien Modification Program (2MP)
“If your first mortgage was permanently modified under HAMP and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage under 2MP. 2MP is designed to work in tandem with HAMP to provide a comprehensive solution for homeowners with second mortgages to increase long-term affordability and sustainability. If the servicer of your second mortgage is participating, they will automatically evaluate you for a second lien modification.”Home Affordable Foreclosure Alternatives (HAFA) Program
“If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA. The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short sale or deed in lieu of foreclosure.”For more information, www.hopenow.com and www.makinghomeaffordable.gov
Roy Johnson, Broker, Resident Realty
myhomecolorado@gmail.com
www.mybrokercolorado.com
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