THIS is a part of the Hamp program that allows you to receive a temporary suspension of your mortgage payments if you happen to lose your job. You should be trying to seek employment and we all know that might be a challenge nowadays.
But if you want to keep your home, you should first call your lender to get help -- before it’s too late.
You may be eligible if you meet the following:
-You are unemployed and are eligible for unemployment benefits.
-You currently occupy the property as your primary residence.
-You make your request for help before you’ve missed three payments.
-You have not previously received an UP forbearance or HAMP modification.
-You obtained your mortgage on or before Jan. 1, 2009.
Please contact your lender/servicer each lender might have their own set of guidelines, these criteria is for guidance only.
You may be required also to make a partial payment, not to exceed 31% of your monthly gross (pre-tax) income, including unemployment benefits.
Key – UP is not eligible for homeowners with mortgages held by Fannie Mae or Freddie Mac. However,they both have their own forbearance arrangements for unemployed borrowers. Again, please contact your own lender/servicer.
FHA home borrowers has a different set of guidelines, if you qualify for the program mortgage servicers are now required to extend the forbearance period of FHA borrowers only to 12 months from 4 months. The current US unemployment rates reached a stunning 9.2% last week nationally, and is much higher in California. The current unemployment forbearance has mandatory periods that are inadequate for the mass majority of homeowners not working. Per HUD secretary, today 60% of unemployed have been out of work for more than three months and 45% have been out of work for six months. If they qualify for this program and are granted they will have a better chance of saving their homes.
“But” the Obama Administration will not force the lenders to grant the extensions. Like most housing programs this extension although mandatory will still be made “whenever possible subject to investor and regulator guidance for each mortgage loans.
If the homeowners do not qualify for any foreclosure assistance program, the servicer must provide a reason for denial and allow the borrower at least seven calendar days to submit additional information that may affect the lenders evaluation.
Homeowners searching online for mortgage assistance can now receive a risk free evaluation. Searching online for help you may find websites promoting “Government” or “Obama” mortgage programs. Knowing if they are legit is hard to determine. There are government programs such as HAMP (Making Home Affordable Program) that may help you & there are also many non-government options available. Find out what options are available to you as a homeowner before spending a penny.
Simply fill out the form to the right to receive immediate information on programs serving your area that may prevent foreclosure, restructure negative equity and lower payments.
We are in the edge of another decline in Real Estate market, based on the Housing Predictor Forecast that reflects a greater national decline in home values for the year coming. Hardest hit areas: CA, FL, NV, AZ, MC have encountered a growing inventory of vacant properties that aren’t yet in the foreclosure process, and have been left for lenders’ to formally repossess.
Hard-hit areas of the west and south are undergoing massive deflationary home value decline with another wave of foreclosures expected shortly, as lenders releases the inventory on to the market, halting a possible recovery.
This week the tug-of-war between he parties will decide whether the debt ceiling will be raised and taxes as well. I sure hope by the time you are reading this, our government parties have come to an agreement to finally get us back on track of recovery. This year is actually proving to be tougher to pass, but I wish that we are in 2012 now. But there are still a few more months to try to tough it out.
One good thing for homeowners that are wanting to forgo of their properties via short sale is that we are seeing more HAFA being approved. This HAFA program is helping homeowners who are in need of help a $ 3,000 relocation fee at the short sale closing. This helps them move and put an initial down payment on their rental property. Any help, I suspect, should be greatly appreciated; there is one other lender that might be offering homeowners doing a short sale, a little bit more if approved.
Good news, hopefully.
The bottom of the real estate market, I am getting feedbacks that this year might be the bottom although it is hard to predict, most second wave of investors are going to come in to start buying some time next year. Seems like there is a little bit of a freeze in their buying frenzy, which started about two years ago.
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Thanks again for your inquiries, please call Ken Go of 1st Innovative Finance Group at (562)508-7048 or write to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
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