|
Foreclosure Prevention
First and foremost, my philosophy is to help people stay in their homes by guiding them to resources and tools which will help them do so. I believe that if I can help you now, you’ll remember my good will and use or refer to me in the future.
Although I cannot tell you what you “should” do, I can inform you that you have some options available to you and provide you some helpful information.
On February 18, 2009, the new Homeowner Affordability and Stability Plan to help troubled primary residence homeowners avoid foreclosure was announced. The first component of the plan allows homeowners who are current to Refinance an existing Fannie Mae or Freddie Mac conforming loan with a loan-to-value ratio up to 105 percent. The second component, through Loan Modification, addresses homeowners who are at risk of foreclosure on their mortgages (they do not necessarily have to be delinquent). Lastly, the Hope for Homeowners Program is designed for borrowers at risk of default and foreclosure. The program provides new, 30-year or 40-year, fixed rate mortgages that are insured by the Federal Housing Administration (FHA).
The details of the Homeowner Affordability and Stability Plan were released with the introduction of the Making Home Affordable plan. Please note that the government sponsored Making Home Affordable Website is a great place to begin and includes qualifying and eligibility tools as well as detailed information and the latest updates on the aforementioned programs. Please review the appropriate charts below to read about the summary of these new programs.
It may be in your benefit to work with a U.S. Dept. of Housing and Urban Development (HUD)-approved counselor. For a list of HUD-approved counselors in California, visit the HUD Web site.
Keep in mind that mortgage loan refinancing and modifications are typically voluntary and handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or who are interested in finding out more about a loan modification program should start by contacting a HUD-approved counselor and their lender. Prior to calling a lender or loan servicer, read through my handy Keep Your Home booklet for some helpful tips and information and have the following information available:
Click here for a Lender Comparison Chart on existing mortgage workout programs (revised 3/24/09). The chart is a compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners may wish to contact the lender or loan servicer to determine if a workout program is available.
|
