Tuesday, July 7, 2015

Are you Eligible for a HARP (Home Affordable Refinance Program)

  • Are you current on your mortgage, with no 30-day+ late payments in the last six months and no more than one in the past 12 months?
  • Is your home your primary residence, a 1-unit second home or a 1- to 4-unit investment property?
  • Is your loan owned by Freddie Mac or Fannie Mae?
  • Was your loan was originated on or before May 31, 2009?
  • Is your current loan-to-value (LTV) ratio greater than 80%?
If the answer to the  above questions are "yes" you are probably eligible for a HARP. For more information, call Rod Williams at 615-850-3453.

HARP can cut your house payments

For more information of other answers to your housing problems, call Rod Williams at 615-850-3453.

Wednesday, July 1, 2015

The Home Affordable Modification Program (HAMP) will now include a "streamlined" modification.

Supplemental Directive 15-06 issued July 1, 2015 announced that The Home Affordable Modification Program (HAMP) will now include a "streamlined" modification. This new directive does not apply to GSE mortgages such as those owned or insured by Fannie Mae or Freddie Mac or VA loans or FHA loans.  Those loans are governed by different directives.  Any investor or servicing agreement that permits a servicer to offer HAMP Tier I or Hamp Tier II is encouraged to permit Streamline HAMP modifications.

This is another tool to help homeowners avoid foreclosure.  Customers who have previously been granted a HAMP Tier 1 or HAMP Tier II modification and have experienced a interest rate step-up and then again become delinquent may be eligible for the new Streamlined HAMP. This is a relaxation of a previous prohibition against multiple modification. Also, if a borrower was previously evaluated for, but not offered, a HAMP modification, they may be eligible for a Streamline HAMP.

There are a lot of variables at play in determining if one should be eligible for a modification or other program to avoid foreclosure.  If one should be eligible, then whether one actually gets the work out is a function of correctly and completely completing the paperwork.   I work for a HUD-approved housing counseling agency and have over twenty years experience as a housing counselor. There is no charge for my service.  I can evaluate you for a solution to your housing problem, and if you should be eligible for a workout, I will help you complete the Request for Mortgage Assistance.  To learn more, or to schedule an appointment call me.

Rod Williams