The new $7.5 billion allocated by the federal government to 18 specific states and the Washington DC for loan modification programs is looking out of control.
President Obama in February 2010 established “A Hardest Hit Fund” to provide assistance to homeowners in specific states affected by our economic downturn. There were specific states chosen based on unemployment that is at or above the national average they also looked into areas where house prices have lost more than 20% value.
The Hardest Hit Fund has been set up to help unemployed homeowners or troubled homeowners to pay their house payments and stop foreclosure.
It has been said that this program just delays the inevitable foreclosure of homes, or just a way to help banks, not a good program if the homeowners eventually end up in foreclosure. Now that the economy is looking better there are some homeowners facing foreclosure that can actually stop foreclosure.
The states that have been selected for the program are Alabama, Arizona, California, stop foreclosure Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, and Washington DC.
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.
More and more borrowers are facing foreclosure while the economy is in a slump, the banks loss mitigation departments have been growing in leaps and bounds to assist homeowners in default. The loss mitigation retention department is the department that work with homeowners to stop foreclosure and keep homeowners in their homes.
The banks loss mitigation department is set up to (mitigate), reduce their loss and make decisions to determine what is the best course of action when a homeowner is facing a hardship. A foreclosure cost a lender about $ 50,000 based on 2009 estimates and loss mitigation department take steps to determine whether to do a loan modification or short sale.
In todays times mortgage servicer has employed some form of loss mitigation department. The departments are set up with many different roles and responsibilities there are set up coordinators (make sure all needed forms are collected), negotiators (assist homeowners determine best course of action), QA Department (check behind negotiators and closers have followed rules) and closers (work up deals and send out/receive and close out ). In most instances a loan modification is the best course of action for the loss mitigation department unless a homeowner is unemployed.
If a homeowner can no longer afford current mortgage payments, loan modifications seem to be the best solution to help homeowners modify their payments and avoid foreclosure. There are many companies promosing to stop foreclosure and modify your loan. Be sure to use a reputible company (most instances an attorney). Our attorneys can help click here and fill out our loan modification form.
The government came up with a program called the Home Affordable Modification Program (HAMP). Some call it the Obama plan but it was set up to stabilize the housing market. The plan is a good plan but you need to know the rules because you only get 1 chance to get in the program. There are no second chances. Be sure you know or contact us for a free no obligation consultation 877-YOU-KEEP or 877-968-5337 The basic understanding of the plan is This programs is to help homeowners with an affordable mortgage payment.
Contact us today, below is a list of homeowners that have contacted us to help stop foreclosure
City: Orlando
State: Florida
Stop Foreclosure in Florida
County: Orange
my hours had been cut off and on, I have also been off sick from time to time and got behind on everything. the middle part of 2010 I received a huge pay increase and I applied for several modifications and was turned down. I now make a very comfortable salary and now can afford my normal monthly mortgage I just don’t have the money to pay the arrears. GMAC Mortgage is the compay and because of a prior bankruptcy there is nothing else they can do. even though I filed a chapter 7 I did not include them. neither did my lawyer tell me about signing an affirmation agreement? I need help to save my home
