The Make Home Affordable Plan is a two part plan. There is both a loan modification program as well as a mortgage refinance program. Both have done exceptionaly well. This post wil focus on the loan modification portion of the Make Home Afordable Plan.
What is Loan Modification?
Loan Modification:
- The restructuring or modification of the terms of a loan agreement.
- Loss mitigation tool utilized by both Homeowners and mortgage lenders
- The most popular mortgage workout or foreclosure alternative among Homeowners when a refinance option is simply unavailable is a loan modification.
- Loan Modification will Stop Foreclosure
Who qualifies for the Make Home Affordable Loan Modification?
The Make Home Affordable Loan Modification Program is designed for Homeowners who are strugling to pay their mortgage due to some sort of Hardship. Investors or speculaitors are not the target beneficiaries of the Make Home Affordable Program. There are other requirements as well that Homeowners must meet to qualify.
Qualifications for the Make Home Affordable Loan Modification Program
- Must be the Homeowners primariy residence
- Must have purchased the home prior to 2009
- Home value must be under 730,000
- Must have encountered Hardship leading to the inability to make the monthly mortgage payment
- Current Mortgage payment should currently be above 38% of take home income.
If a Homeowner meets this general criteria they are not home free just yet. Remeber that the Make Home Affordable Plan is a voulantary program so the final decision is ultimately up to the lender or mortgage servicer.
Make sure to check back next week for the post on the mortgage refinance portion of the Make Home Affordable Program. If you simply can not wait check out one of the web resources below.
Hello,
ReplyDeleteThis is Rose writing from www.huliq.com. I visited your blog and liked your content.
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Yeah sure that sounds great rose I would love to contribute.
ReplyDeleteHey you should check out this blog here...
http://stopourforeclosure.wordpress.com
hey there this is a great article.
ReplyDeleteHomeowners should know that Obama and his administration expect that 20,000 loan modifications should be executed every week through the make home affordable loan modification program by august