Stop Foreclosure with HAMP
In early 2009, President Obama Administration rolled out a Financial Stability Plan to address foreclosure issues that are at crisis levels and attempt to get the US economy back on track. One major section of the program is the Making Home Affordable Program, a program to attempt to stabilize the failing US housing market and assist struggling homeowners stop foreclosure.
The Home Affordable Modification Program (HAMP) allows qualified homeowners facing foreclosure. This program give homeowners facing foreclosure the opportunity to modify their mortgage payments in order to keep homeowners in their homes and making them more affordable. The estimates are over a million homeowners have been able to stop foreclosure and gotten help under the HAMP. The estimates are that the HAMP program will offer help to 3 to 4 million homeowners stop foreclosure by 2012.
On March 26 President Obama and his administration made an announcement of expanded flexibility for lenders to allow assistance for unemployed homeowners and homeowners that are upside down through HAMP.
There is also a program called the Second Lien Modification Program (2MP) which allows homeowners to be able to modify their second mortgages to make them more affordable when the first mortgage is modified under the Home Affordable Modification Program (HAMP).
There is HAMP Refinance Program that allows homeowners with loans owned by Fannie Mae or Freddie Mac the opportunity to refinance their homes into more affordable payment.
The Home Affordable Foreclosure Alternatives (HAFA) Program allows homeowners who can no longer afford their monthly mortgage payments stay in their home. The program is liquidation (selling property) for homeowners that were denied for a loan modification but want to stop foreclosure to transition to more affordable housing (rental) through a short sale of their home.
Our newest homeowner website, www.stopforeclosuresavemyhome.com provides detailed information and resources about foreclosure programs. We provide the application documents and free no obligation consultation necessary for homeowners to apply for the Making Home Affordable Program (HAMP).
We hope and are confident that you will find our website informative as we work with you to solve your foreclosure issues.
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