How To Qualify for Making Home Affordable
If you are having trouble making your mortgage payments you may be able to qualify for the Making Home Affordable program. This relatively new US federal government loan-modification and refinancing program promises to help beleaguered homeowners who are having difficulty making their mortgage payments. Here’s how to find out if you qualify for the Making Home Affordable program.
First of all, you will want to gather up your financial documents. This should include your mortgage statements, both your primary mortgage and secondary mortgage if you have one. You will also need information that documents your income such as your current pay stubs and most recent income tax return. Additionally, you will want your recent bank statements and investment statements. Lastly, you will need to have other financial information such as amount owed on car loans, credit cards and any other consumer debt.
Now that you have all of your financial information together, go to the Making Home Affordable website and click on the “Find Out If You Are Eligible” link. Next, select the program type that best fits your situation, either loan modification or refinancing. You may want to review both your options to see which you’re most qualified for. If you don’t qualify for either program based on their web application and still feel that you need assistance with your home loan, don’t get discouraged. You may still qualify for other programs or for lender based loan modifications.
After you’ve determined your qualifications for the Making Home Affordable you will want to get in contact with a HUD-certified housing counselor. You can find one by calling the HUD information line at 1-888-995-4673 or going to the Department of Housing and Urban Development Foreclosure Avoidence Web site. You should be prepared to take notes when you speak with a housing counselor on the phone. Jot down the names of the people you talk to, the date and time as well as the basics of the conversation such as promises that were made or if your were denied. You should also receive a case number. I recommend keeping a notepad handy for this purpose because staying organized is quite important in this effort.
If your current lender gives you a hard time in your refinancing efforts, a new rule change may help you. This new rule allows homeowners who have a mortgage that is guaranteed by Freddie Mac to refinance with any Freddie Mac affiliated lender. You will also be able to roll a larger percentage of you closing costs into the refinancing as well. This additional flexibility in the program should help those who’ve had frustration in obtaining a home loan modification under the current rules from certain lenders.
It is important to remember that you must be current on your mortgage loan to qualify for a government-sponsored refinancing plan. Should you be behind on your home loan you may still qualify for a loan modification under the Making Home Affordable program.
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This is probably another statement from the many many people going through these hard times….but this is my story.
I was told by a Bank of America rep- that I should apply for loan modification , because I did not qaulify for a refinance back in 2009 ;(strange since I did qualify for the original loan ?).
Since that time I have had nothing but problems in getting my mortgage addressed, simply wanted to get a low fixed rate on the loan with both my original loan and equity loan combined. Having both were to much afford the payments.
I was told that the modification would ONLY take up to three months with modified payments and check in periodically.
Called every week and spoke to different people and with no help from anyone- I turned to attorney ;paid for them to help -which still have not been resolve and once again I am getting the run around so Now I may lose my home. Just wanted to resolve this and keep my home. I don’t know why BOA is taking so long to get this resolved.