Making Homes Affordable

Buying a home and being able to make mortgage payments regularly have been difficult in the past few years. With massive unemployment rates, more people have been forced to take up rental living. The government has been putting forward various measures to help homeowners and part of it has been the Home Affordable Modification Program (HAMP®), which may help you lower your monthly payments, making it more affordable in the long run. We would like to pass on the information that the application deadline for the Making Home Affordable Program ® has been extended to December 31, 2013.

Who is eligible? You may be eligible for HAMP if:
• Freddie Mac, Fannie Mae or any other participating lender owns your loan.
• You took out your mortgage on or before January 1, 2009.
• The property is your primary residence.
• You do not qualify for the federal Home Affordable Refinance Program (HARP).
• You are behind on your mortgage payments, or you are current but will be unable to afford your mortgage payments in the future because of some valid financial hardship..
• You spend more than 31 percent of your pre-tax income on your mortgage payments.
Earlier this year, the government expanded the eligibility criteria for the program, to include:
• Homeowners who apply for a modification on a home that is not their primary residence, but is currently rented or is intended to be rented.
• Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lesser.
• Homeowners who previously received a HAMP trial period plan, but defaulted in their payments.
• Homeowners who previously received a HAMP permanent modification, but defaulted in their payments, therefore losing good standing

Apart from this, Military personnel who have been permanently transferred to a different location, due to a job related move, may qualify as owner-occupants, giving them a chance to qualify for HAMP.

For more information, please visit http://www.makinghomeaffordable.gov/.