Home Affordable Modification Program
Hi Everyone! This issue touches me in so many different ways. I receive several telephone calls daily from Las Vegas Distressed Homeowners that have tried every possible way to keep their Las Vegas Home or Henderson Home. When the telephone rings, I always wonder if it is another Nevada Distressed Homeowner that is going to be crying telling me that a Loan Modification Company has taken them and now they want me to Short Sale their Home before it goes into Foreclosure. As most of you know, Nevada has been hit the hardest in Foreclosures and will continue for sometime. Call Me for Las Vegas Foreclosure Avoidance “You Have Options” 702-307-4070
You as a Las Vegas Homeowner that is upside down in their Home, have OPTIONS: one of your OPTIONS to saving your Home is to pay it if you can, try a Loan Modification with your bank, Short Sale with me or Foreclose on it. Obviously, the F-word is not an OPTION in my opinion when you have the other OPTIONS that are available to you. Especially the F-Word is FOREVER!
In Las Vegas Nevada, Henderson, Summerlin, North Las Vegas, Mountains Edge, Seven Hills, Anthem, Lake Las Vegas and surrounding communities, our Las Vegas Real Estate Team and Henderson Real Estate Team of Full Time Licensed Realtors are specialized and Certified in: Buyers-Looking for a Las Vegas Home to Buy, Investors-Looking for a Las Vegas Investment, Rentals-Looking for a Las Vegas Rental, Las Vegas Luxury Homes-Looking for that special Home for a great price, Las Vegas Selling Homes, Las Vegas Short Sale Homes, Las Vegas Bank owned Homes, REO Properties, Las Vegas Commercial Properties. Or you just need advise on Short Selling your home or Foreclosure Avoidance, we are here. We are your Las Vegas Real Estate One Stop.
For those of you that need help with your Mortgage and want to keep your Las Vegas Home, I have copied & pasted the HAMP Home Affordable Modification Program for your review. You can get a Loan Modification. You need a financial hardship, 31% debt to ratio, You DON’T have to be behind on your payments to qualify under this program. It is Government backed and has been around since March 2009. Remember friends, its always changing! This Loan Modification Program will not reduce your principal, but will take your interest rate down to 2%.
If you don’t qualify or someone you know needs Help Short Selling their Home in Las Vegas and surrounding areas or any Help in Buying, Selling Las Vegas, call Gerri Wadkins & Steve Wadkins with RreMax Associates and we will be happy to Help you.
Below are the HAMP Guidelines:
On March 4, 2009, the U.S. Department of the Treasury announced details of the Home Affordable Modification program (HAMP) as part of the Making Home Affordable program. HAMP is a loan modification program designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments. Freddie Mac is pleased to play a leadership role by implementing this program.
Guide Bulletin Updates
Our September 18, 2009, Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-23 [PDF] provides Servicers with HAMP requirement updates, including the mandatory use of Workout Prospector® when evaluating borrowers for a modification under HAMP, new reporting requirements, and providing guidance on mortgages with second liens.
Previous Guide Bulletins provide requirements for Servicers to implement, underwrite, and service eligible Freddie Mac-owned mortgages under the program. We urge Servicers to thoroughly review the Guide Bulletins, which are available below, and Guide Chapter C65 for complete requirements.
HAMP is effective immediately for mortgages originated on or prior to January 1, 2009, and will expire on December 31, 2012. Servicers should no longer solicit borrowers for a modification under the Streamlined Modification Program, and should instead begin to solicit eligible borrowers who are 31 or more days delinquent for a modification under HAMP. Servicers should not solicit borrowers for this program who are less than 31 days delinquent.
Mortgage and Borrower Eligibility Requirements
The following mortgages are eligible for a modification under the Home Affordable Modification program (HAMP):
- First-lien mortgages owned, guaranteed, or securitized by Freddie Mac that are single-family 1- to 4- unit primary residences, including condos, cooperatives, Single-Family Seller/Servicer Guide (Guide) – eligible manufactured homes, and our negotiated conforming jumbo mortgages.
- FHA, VA, and RHS guaranteed mortgages are eligible, subject to the relevant agency guidelines.
- Mortgages for properties that are abandoned, vacant, or condemned are not eligible.
- Mortgages may be previously modified, but can only be modified once under HAMP.
Borrowers may be eligible for this program if they meet the following requirements:
- Borrowers who are 31 days or more delinquent and borrowers who are either current or less than 31 days delinquent and in imminent default.
- A borrower may be considered in imminent default if the borrower is current or less than 31 days delinquent on their mortgage payments, and have a hardship that is stated in the Hardship Affidavit document. In addition, the borrower must have a Debt Coverage Ratio that is less than 1.20 and Cash Reserves that are less than three times their current monthly PITIA payment.
- Borrowers who may be in foreclosure, in pending litigation involving the mortgage, or who are in active bankruptcy.
- Borrowers currently performing under another workout arrangement will be considered for a Home Affordable Modification if they request it.
- Borrowers must currently have a monthly housing expense-to-income ratio greater than 31 percent of their verified gross monthly income.
Other mortgage and borrower eligibility requirements apply as noted in our Guide Chapter C65.
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All of my Blogs are my own opinion and Expert Advise. Until then, Be Blessed!
Steve & Gerri Wadkins, Realtors®-Advanced CDPE
ReMax Associates
www.WadkinsHomeTeam.com
702-307-4070
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