Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. The program has multi sub-programs such as :
- Home Affordable Refinancing
- Home Affordable Modification
- Forbearance agreement
- Preforeclosure Sale
- Deed-in-lieu of foreclosure
- Chapter 13 Bankruptcy Cramdown
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Home Affordable Modification Program; is designed to help borrowers who are having problems paying their mortgage payment. Although it is not a required to be behind on the mortgage payments however an imminent risk of default is suffice.
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- The property is a one to four unit, and
- The property is an owner-occupant resident not an investment property, and
- The outstanding unpaid principal balance that is equal to or less than $729,750 for single home family, two unit home $934,200, three unit home $1,129,000, Four unit home $1,403,000, and
- The loan must be originated before January 1, 2009, and
- No sufficient liquid assets to make monthly mortgage payments, does not include retirement accounts, and
- A hardship caused the default or the risk of imminent default, such as such as divorce, illness, a drop in wages or business income or an imminent mortgage payment increase
- The mortgage payment (including taxes, insurance and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income.
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- Supporting documents to show your household monthly gross income, such as recent pay stubs, or employer canceled check. Any other documentation of income you receive from any other sources.
- Most recent income tax return you have filed.
- Information about your assets and debits.
- Information about your first mortgage on your home.
- All your current credit cards balances and minimum monthly payments due to those credit cards.
- All your current account balances and minimum monthly payments on all your other debts such as student loans and car loans.
- A hardship letter describing the circumstances that lead your income to be reduced or expenses to be increased (job loss, business drop, divorce, illness, etc.).
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No. Responsible borrower who is having problem to maintain his/her mortgage payment current is eligible if he/she is at risk of imminent default, for example, if the mortgage payment became unaffordable because of a significant increase in monthly payment.
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Borrower who defaults on the modified loan is not eligible for another modification under the Making Home Affordable program. Borrower who defaults on a modified loan may keep incentive payments that already have been applied to reduce a principal balance, but forfeit payments that have accrued but not yet been paid.
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There is no minimum or maximum loan-to-value ratio requirement to qualify for Home Affordable Modification Program.
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Home Affordable Modification Program sets an interest rate floor of 2 percent on modified loans for a period of five years.
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After five years, the interest rate increases 1 percent per year up to a cap that is intended to reflect market rates at the time the loan was modified.
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Home owner who maintains modified payments on time will receive a $1,000 reduction in their loan principal each year, up to $5,000.
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Home owner who maintains modified payments on time will receive a $1,000 reduction in their loan principal each year, up to $5,000.
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Home Affordable Refinancing; is designed to help home owners who have solid payment history but unable to take advantage of the current lower interest rates because their homes have decreased in value and unable to refinance their loans. Under this program they are able to refinance into 15 or 30 years loan.
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- Borrower must have a solid payment history and was not late more than 30 days on their mortgage payment in last 12 months,
- The property is one to four unit home and must be owner occupied
- The fist mortgage amount does not exceed 105% of the property’s value.
- Your income is stable to support new mortgage payment
- The program ends in June 2010
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