Mortgage Modification | Vail Daily Column: More On The Making Home Affordable Act
February 9, 2012 – 4:21 amIn this column, we will look at other aspects of the Making Home Affordable Act including: the FHA-HAMP, the VA-HAMP, the USDA-HAMP; Home Affordable Foreclosure Alternatives, the Home Affordable Refinance Program, and the Home Affordable Unemployment Program.
The FHA-HAMP and the VA-HAMP programs are mortgage modification programs which may be available to struggling homeowners with FHA, VA and USDA mortgages. The programs are designed to lower monthly mortgage payment to no more than 31 percent of the homeowner’s verified monthly gross (pre-tax) income, potentially making monthly mortgage payments more affordable. If you have a loan that is insured or guaranteed by the Federal Housing Administration or Veterans Administration, you may be eligible for these programs which are offered through those government agencies. For this and other MHA programs, you may contact a Housing and Urban Development counselor at 888-995-HOPE (4673).
Similarly, if you have a loan that is guaranteed by the United States Department of Agriculture’s Section 502 Single Family Housing Guaranteed Loan Program, you may be eligible for a program through that to lower your monthly mortgage payment to no more than 31 percent of your verified monthly gross (pre-tax) income. You may wish to contact your loan servicer for more information.
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If you can’t afford your mortgage and it’s time to transition to more affordable housing, the Home Affordable Foreclosure Alternatives program may be just the ticket.
HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu of foreclosure. In a short sale, the mortgage company agrees to let you sell your home for an amount that falls “short” of the amount you still owe. In a DIL, the mortgage company agrees to take the title back, transferring ownership back to the mortgage lender. In either case, HAFA offers benefits that make the transition as favorable as possible. In addition to advice available from HUD counselors and real estate professionals, HAFA’s benefits include: unlike in a conventional short sale, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount you still owe. The deficiency is guaranteed to be waived by the servicer; in a HAFA short sale, your mortgage company works with you to determine an acceptable sale price; HAFA has a less negative effect on your credit score than foreclosure or conventional short sales; and when you close, HAFA provides $3,000 in relocation assistance. Perhaps not cause to kick up your heels, but better than it could be and better than it would be without HAFA.
You may be eligible for HAFA assistance if: you live in the home or have lived in the home within the last 12 months; you have a documented financial hardship; you have not purchased a new home within the last 12 months; your first mortgage is less than $729,750; you obtained your mortgage on or before January 1, 2009; and you have not been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
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Tags: Mortgage Modification
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