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Step 1
To qualify for the refinance portion of the housing plan the borrower:
- Must have their mortgage back by Fannie Mae or Freddie Mac
- Must not owe more then 105% of the homes current value
- Must be in goodstanding with their lender
- Offer ends June 2010 -
Step 2
To qualify for the modification portion of the housing plan the borrower:
- Can be current or behind on their mortgage
- Must have opened their mortgage prior to January 1, 2009
- Can only modify their primary residence (investment real estate
does not qualify)
- Must provide their lender with most recent tax return, two pay
stubs, and present an affidavit of hardship that cites your reasons
for your hardships
- Bankruptcy will not keep borrower from qualifying
- Ends December 2012 -
Step 3
Both plans start immediately. So, to get started you must contact your lender.
