The Making Home Affordable program is aimed to help save eligible homeowners from a deed in lieu of foreclosure. The guidelines of this program require lender to make a temporary reduction of payments for borrowers that are eligible for modification and are deemed to be in actual foreclosure or risk of imminent default.
The Qualifying Rules
- They mortgage loan itself has not been previously modified under the HMP.
- If delinquency or default is reasonably foreseeable regarding the mortgage loan. Loans that are currently in foreclosure are eligible as well.
- Mortgage loan must be secured by a one- to four-unity property, one of which must be the borrower’s principal residence: 1. Mortgage loans secured by condominium units and cooperative share mortgages are also eligible for the HMP; 2. Secured loans by manufactured housing units are eligible for the HMP as well.
- The property that is securing the mortgage loan must not be vacant or condemned.
- The borrower must document financial hardship and represent how they, the borrower, do not have sufficient liquid assets to make the monthly mortgage payments. They must do this by completing a Home Affordable Modification Program Hardship Affidavit as well as provide any and all required income documentation.
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