Major changes are coming to HAMP.
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If a homeowner wants to stay in their home and avoid a foreclosure or a short sale, an option is loan modification.
Former President of the Realtors Association of the Palm Beaches, Bill Richardson, says loan modification could mean getting a reduced interest rate, extending the length of a mortgage to make payments more affordable, or possibly changing the principle balance.
"Almost anything can change, it's what the lender is willing to change," explained Richardson.
Changing expectations from a lender can be easier said than done, and a loan modification is not for everyone.
The changes of a loan can affect a homeowner for decades beyond what they had originally anticipated. Part of the new deal may be that payback to the bank is going to be the full investment, plus some. The agreement is that the bank will allow you to stay and pay your mortgage at a lower rate, for example.
As with any important financial decision that affects your future, consult with experts. Richardson suggests every homeowner seek the guidance of a trusted real estate agent before taking steps towards any important change.
National Mortgage Settlement
Website: http://www.nationalmortgagesettlement.com
HAMP 2.0
Home Affordable Modification Program (HAMP) is a government program that helps homeowners modify their mortgage to save them hundreds of dollars per month. The goal is to get your payment to about 31% of your monthly gross income.
Website: www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx
Phone Number: (888)995-HOPE
CLICK HERE TO FIND OUT IF YOU ARE ELIGIBLE FOR HAMP 2.0
HARP 2.0
HARP 2.0 is the second phase of the government's Home Affordable Refinance Program. The second phase helps more homeowners refinance than the original HARP program. This program is only for homeowners whose mortgage is through Freddie Mac or Fannie Mae.
Website: www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
Phone Number: (888)995-HOPE
CLICK HERE TO FIND OUT IF YOU ARE ELIGIBLE FOR HARP 2.0
The second phase of the Home Affordable Refinance Program, or HARP, is expected to help millions of homeowners whose homes have lost a significant percentage
As part of our Impact 5 initiative on the housing crisis, we take a closer look at home prices.
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Lenders will ask for tax returns, pay stubs and for minimum credit scores; anything to determine whether a first-time buyer is a worthy risk.
Be proactive when negotiating with your housing lender or bank.
As massive housing upheaval plagues South Florida, former President of the Realtors Association of the Palm Beaches, Bill Richardson, has had a front row seat.
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