Mortgage Modifications

Home Mortgage Modification: If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.  The Making Home Affordable Program is comprehensive strategy to get the economy , housing market, and homeowners back on track. The Making Home Affordable Program offers strong options for homeowners. Many Lenders/Servicers also offer in-house modification programs that are available if you do not qualify for the government sponsored programs outlined below 

  • Home Affordable Refinance Program (HARP): Many homeowners pay their  mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.
  • Home Affordable Modification (HAMP): Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.
  • Second Lien Modification Program (2MP): Many homeowners may be struggling to make their monthly mortgage payments because they have a second lien.  The 2nd Lien Modification Program (2MP) offers homeowners a way to lower payments on their second mortgage when their first mortgage is modified under the Home Affordable Modification Program.
  • Home Affordable Unemployment Program (UP): providing temporary assistance to unemployed homeowners
  • Home Affordable Foreclosure Alternatives: (HAFA) offering other alternatives to foreclosure such as short sale or Deed in Lieu of Foreclosure. The Home Affordable Foreclosure Alternatives Program also offers homeowners $3,000 to help transition to more affordable housing when they complete a short sale or deed-in-lieu of foreclosure. Click here to learn more about Foreclosure alternatives.
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