Help for Unemployed Homeowners
The Obama administration is making changes to the HAMP program for unemployed borrowers. Lenders will now be required to reduce or suspend mortgage payments for homeowners who are out of work. The forbearance program will be in effect for up to six months. After the six month period, the homeowners will be entitled to a loan modification evaluation. The expansion of the HAMP program will encourage loan servicers to help unemployed homeowners who are in default reduce loan principal. Under the plan, unemployed borrowers could have their monthly payments reduced to 31% of their income or less. This should help slow down the number of foreclosures and help borrowers keep their homes.
Eligibility
Borrowers must meet the HAMP guidelines including submitting proof that they are unemployed. Homeowners must be within their first 90 day delinquency period on their mortgage. The home must be their principal residence. No investment property qualifies. If the homeowners do not qualify for a loan modification, they may be eligible for a short sale under the government’s HAFA program. A short sale is when the homeowner owes the lender more than they can sell their home for at market value. The lender will then agree to write off the loan balance. If the loan servicer and the borrower agree to participate in a short sale, the government will double the current $1,000 incentive previously offered to loan services to $2,000. Relocation incentives will also be doubled by the government to help borrowers relocate from $1,500 to $3,000.
The government hopes to get the loan servicers to reduce principal so that borrowers can get out from underwater and retain some positive equity to help them and the housing industry recover.
It is recommended that you contact a loan modification attorney to help you sift through all the information regarding the HAMP and HAFA programs. For additional information, please visit www.fairhomeloan.org.
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To have mortgage loan modification acceptance, get yourself acquainted with all the new procedures and regulations for arranging loan mod in you area and for your loan provider using assistance from an experienced who is proficient in processing successful loan modification applications. Don’t also forget to get all the needed docs ready prior to submitting the application to your lender .
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