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Home Affordable Modification Program

President Obama’s Mortgage Modification Program - Do You Qualify?
Published by mortgageloanmodification October 15th, 2009 in Finance.
Obama’s $75 Billion Modify Mortgage program can seem like a dream come true for many people who are at risk of losing their biggest investment - their home. But how do you know if you even qualify?
Even if you’ve been turned down by your bank in the past, you can still apply for this San Diego mortgage modification program. If you are two or three payments behind, or you foresee financial hardship in the near future, you can apply and get your mortgage payment reduced.

Here are the basic guidelines you need to adhere to in order to qualify for the mortgage loan modification plan:

The home that you live in must be your primary residence
Your total mortgage balance must be less than $730,000
Your monthly payment must equal 31% or more of your total monthly income.
Your mortgage must have commenced before January 1, 2009
Check If You Qualify.
You will obviously have to provide proof of your income and expenses in order to be considered for Obama’s Mortgage Loan Modification plan. Make sure you have all your documents, tax receipts, copies of bills, etc. to make your San Diego Ca Mortgage application. This is an extremely important step, as every applicant will be approved on a case-by-case basis.

Interested homeowners are encouraged by the U.S. Treasury Department to apply for Obama’s Home Loan Modification Plan and lenders are expecting a surge of applicants. There is no cost to apply, but it is advisable to take some time and learn everything you can about the process and what you can do to increase your chances of being accepted.

One way to increase your chances of being approved is to download The Complete Mortgage Loan Modification Guide. For a minimal charge, you will be guided step by step on what you need to do to apply, how to fill out the necessary forms, calculate your debt ratio and putting everything together in a professional looking package that you can take to your lender. This is your chance to get back on the path to financial independence.

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Source Pcql.com

Publisher- Michael Kench Uncategorized Case Basis, Complete Mortgage, Debt Ratio, Financial Hardship, Home Loan, Interested Homeowners, January 1, Lenders, loan-modification-ca, Minimal Charge, Mortgage Application, Mortgage Balance, Mortgage Loan, Mortgage Loan Modification, Mortgage Loans, Mortgage Mortgages, Mortgage Payment, Mortgage Program, San Diego, San Diego Ca, San Diego Ca Mortgage, san diego mortgage, Tax Receipts, Three Payments, Treasury Department, U S Treasury, U S Treasury Department

Foreclosure Alternatives Program “FAP”

The Obama Administration Announces Financial
Incentives and Uniform Process for Short Sales

Responding to the call of the National Association of REALTORS®, on May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who are unable to retain their home under the Making Home Affordable Loan Modification Ca Program, the servicer may consider a shortsale or, if that is not successful, a deed-in-lieu of foreclosure.

Participating servicers must comply with program requirements so long as they do not conflict with contractual agreements with investors. Late July is the Treasury Department’s current target for issuing guidelines and forms necessary to start the program. Borrowers (Homeowners). Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a home loan modification Ca program or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate. Incentives.

The government is providing incentives to lenders who follow the FAP guidelines: Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders). Standardized Documents.

The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option. Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.

Timeline:

In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received. No Borrower Fees. Servicers may not charge fees to borrowers/homeowners for participating in the FAP. Program Expiration. The program

is in effect through 2012.

As a last result the lenders who can not provide a home loan modification Ca program will have the option of accepting a Deed-in-Lieu of Foreclosure Option. Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

Source: National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001

Publisher- Michael Kench Uncategorized Association Of Realtors, Avoiding Foreclosure, Borrowers, Complexity, Contractual Agreements, Deed In Lieu, Deed In Lieu Of Foreclosure, Facing Foreclosure, Financial Incentives, Forbearance Agreement, Home Loan, Home Loan Mortgage, Junior Lien, Lien Holders, Loan Modification, loan-modification-ca, Minimum Eligibility Requirements, Mortgage Loan Modification, National Association Of Realtors, Offer Acceptance Letter, Property Valuation, Relocation Expenses, Shortsale, Target, Treasury Department, Trial Period, Uniform Procedures