How to Avoid Foreclosure with President Obama's Making Home Affordable Program
With the current recession and down housing market, many homeowners are finding themselves struggling to make their mortgage payments each month. There are also a record number of homes in foreclosure or facing foreclosure.
To help some of these homeowners and our economy, the Obama Administration has implemented the "Making Home Affordable" program. Read more below, to find out how you may be able to avoid foreclosure with this program.
- Difficulty:
- Moderate
Instructions
Things You'll Need
- Mortgage held by Fannie Mae or Freddie Mac, acquired on or before January 1, 2009
- Mortgage payment is more than 31% of income
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1
FIND OUT who has guaranteed your home mortgage. It must be owned or securitized by Fannie Mae or Freddie Mac to qualify for this home affordability program.
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2
CHECK your records. You must not have been 30 days late on a house payment in the last 12 months. You must also have had your mortgage on or before January 1, 2009.
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3
CALCULATE your payroll wages to your mortgage expenses ratio. Your mortgage payment (including taxes, insurance, and homeowners association dues) must be more than 31% of your gross monthly income to qualify for this housing program.
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4
Now that you feel confident that you may be qualified for this Home Affordability Program, visit this page for a step-by-step form, to help guide you: http://makinghomeaffordable.gov/eligibility.html (Link is also below, under "Resources.")
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Tips & Warnings
You can receive FREE assistance about this program from Hud or Hope Now. Links are listed below.
There are many scam artist out there preying on homeowners who are in financial trouble. Make sure you are working with a reputable lender.
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