NO EQUITY OR BEHIND ON YOUR MORTGAGE?  YOU MUST READ ON TO GET SOME HELP!

If you are one of the millions of people in this country that need your mortgage payments to go down, we now have some new tools to help you.  Regardless of whether you are current or late on your mortgage payments or without equity in your home, you may be able to get a reduction in your payments with the new plans announced by the Treasury Department.  See the statement from the Treasury below: 

On March 4th, The Obama Administration announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan – announced by President Barack Obama just two weeks ago. The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative spillover effects of foreclosure such as lower housing prices, increased crime and higher taxes.

Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.

The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.

GSE lenders and servicers already have much of the borrower's information on file, so documentation requirements are not likely to be burdensome. In addition, in some cases an appraisal will not be necessary. This flexibility will make the refinance quicker and less costly for both borrowers and lenders. The Home Affordable Refinance program ends in June 2010.

The Home Affordable Modification program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments. Working with the banking and credit union regulators, the FHA, the VA, the USDA and the Federal Housing Finance Agency, the Treasury Department today announced program guidelines that are expected to become standard industry practice in pursuing affordable and sustainable mortgage modifications. This program will work in tandem with an expanded and improved Hope for Homeowners program.

With the information now available, servicers can begin immediately to modify eligible mortgages under the Modification program so that at-risk borrowers can better afford their payments.

Making Home Affordable Guideline Summary.pdf

The Making Home Affordable plans have many details to determine if you can qualify, so don't make the mistake of thinking your current mortgage company is going to be your advocate to get you qualified for one of these options.  While the government has given mortgage companies new incentives and guidelines to follow for loan modifications, it is still not in the mortgage company's best interests to lower your payments.  However, by studying the details of the plan and working with your situation, we now have the ability to compel your mortgage company to act if you qualify.

Don't pass up this opportunity to get some payment relief in these tough economic times.  Enter some basic information below and we will contact you very shortly to see if we can help.