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Making Home Affordable is part of President Obama's Financial Stability Plan rsspect.org At present, two programs exist to help borrowers reduce monthly mortgage payments ambafrance-kwt.org Two additional programs are scheduled to launch by the end of April 2010 and include a second lien modification program and foreclosure alternatives program. Making Home Affordable programs are available to qualified homeowners at no cost boltcon.com The Home Affordable Refinance Program offers homeowners the opportunity to refinance their home mortgage with their current lender booksrusplus.com Individuals in need of mortgage refinance must apply for HARP prior to the June 10, 2010 deadline. The Home Affordable Modification Program grants borrowers the opportunity to modify their home mortgage to reduce monthly home loan payments brookiebomb.com Under HAMP, lenders must reduce mortgage payments to no more than 31-percent of borrowers' gross income buenavante.com Homeowners in need of loan modifications must apply for HAMP prior to the December 31, 2012 deadline. Eligibility criteria for Making Home Affordable programs is somewhat limiting, especially for borrowers who are repeatedly delinquent on loan payments caterersmemphis.com In order to qualify for either Home Affordable program, borrowers must be current with mortgage payments and cannot have been more than 30 days late on any home loan payment within the previous twelve months. In order to apply for Making Home Affordable programs, homeowners must contact their mortgage provider. Lender participation is voluntary; however, all mortgage servicing providers offering loans backed or guaranteed by Fannie Mae and Freddie Mac are required to participate in Home Affordable programs. Borrowers requesting loan modifications are required to undergo standard lending procedures and should organize financial records prior to contacting their lender. Homeowners are required to submit a Request for Modification and Affidavit (RMA) form, IRS 4506-T tax authorization form and proof of income to their lender. Most mortgage providers also require borrowers to submit a loan modification hardship letter. The Home Affordable Modification Program (HAMP) is available to homeowners residing in single family homes or residences consisting of up to four units. Borrowers can apply for loan modification when their first mortgage is equal to or less than HAMP limits. Loan modification limits provided at the Making Home Affordable website are: $729,750 for single family houses, $934,200 for a two-unit home, $1,129,250 for three unit home, or $1,403,400 for four unit houses. HAMP guidelines require mortgage lenders to reduce monthly home loan payments to no more than 31-percent of borrowers' gross income. In order to reduce monthly mortgage payments, banks temporarily reduce the rate of interest and extend payment terms. The Home Affordable Refinance Program (HARP) is available to homeowners holding mortgage notes for residential homes of up to four units. HARP qualification requirements include being current on the mortgage note; having no delinquent payments of more than 30 days during the previous twelve months; and the balance due on the mortgage note cannot exceed 125-percent of the property's current market value. Borrowers facing foreclosure should contact their servicing lender to determine available options and to inquire about the upcoming Home Affordable foreclosure alternatives program. Home Affordable program details are presented at MakingHomeAffordable.gov. Borrowers can utilize mortgage calculators to determine if they meet eligibility criteria, locate helpful resources and review a list of frequently asked questions about each program.
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