Making Home Affordable Modification (The Obama Administration’s Loan Modification Program) Adopted by Fannie Mae, Freddie Mac, and Wells Fargo | Designed to help homeowners who are at risk of foreclosure. The Administration is offering government assistance to loan servicers and investors to help offset the cost of modifying qualified homeowners into affordable mortgages. | l Loan originated on or before Jan. 1, 2009. l Primary residence, owner occupied, single family (one to four units). l May not be investor-owned. l Property may not be vacant or condemned. l Borrower owes an amount equal to or less than $729,750 on the first mortgage (higher limits allowed for owner occupied properties with two to four units). l Borrower is at risk of foreclosure due to a hardship that has increased expenses (i.e. medical bills), a significant increase in mortgage, or a reduction in income since the current loan was created. l Borrower may be in bankruptcy. l Current total monthly mortgage payments exceed 31 percent of gross monthly income. | Contact your mortgage servicer to check eligibility. If you qualify, ask your servicer to be considered for a Home Affordable Modification. Program timeline Mar. 4, 2009 – Dec. 31, 2012 | For more information regarding the Obama Administration’s Loan Modification plan, visit the site below. http://www.financialstabili ty.gov If you are a Wells Fargo customer, you can contact also use the contact info below. Call (800) 678-7986 https://www.wellsfargo.c om/jump/homeassist |
Making Home Affordable Refinance (The Obama Administration’s Refinance Program) | Designed to help homeowners in existing Fannie Mae or Freddie Mac loans that are current on their mortgage payments to refinance and take advantage of lower interest rates. | l Primary residence, owner occupied. l Must be a conforming loan owned or securitized by Fannie Mae or Freddie Mac. l Borrower must have sufficient income to support the new mortgage debt. l First mortgage may not exceed 105 percent of the current market value of the home. l Borrower must be current (current being defined as borrower has not been more than 30 days late on a mortgage payment in the past 12 months. | Contact your mortgage servicer to check eligibility. If you qualify, ask your servicer about the application process for the Making Home Affordable Refinance. Program timeline Mar. 4, 2009 – June 2010 | For more information regarding the Obama Administration’s Loan Modification plan, visit the site below. http://www.financialstabili ty.gov |
Hope For Homeowners (H4H) | Designed for borrowers at risk of default and foreclosure. Provides new 30-year or 40-year, fixed-rate mortgages insured by FHA, mostly via refinance. Lender must willingly participate. | l Loans originated on or before Jan. 1, 2008. l Primary residence, owner occupied (Borrower may not own a second home). l Unable to pay existing mortgage without assistance and has made at least six payments. l Current total monthly mortgage payments exceed 31 percent of gross monthly income as of March 2008. l Homeowner has not been convicted of fraud in the last 10 years and did not knowingly or willingly provide false information to obtain existing mortgage. | Contact your lender to check for participation in H4H program Need to apply through participating lenders Program timeline Oct. 1, 2008 – Sept. 30, 2011 | For a list of participating lenders visit the site below. www.fha.gov |
Countrywide Financial (Bank of America) | Homeownership Retention Program for Countrywide Customers Will modify troubled mortgages with interest rate and principle reductions. | l Subprime or pay option adjusted-rate mortgage loans originated on or before Dec. 31, 2007. l Primary residence, owner occupied (one to four units) l Borrower is 60 days or more delinquent and current loan-to-value is 75 percent or greater. l Borrower is current today but becomes 60 days or more delinquent at any time before June 30, 2012, and loan-to-value is 75 percent or greater at the time of the modification. l Modifications would be designed to achieve sustainable payments at a 34 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance. | Call BofA/Countrywide to check for eligibility Program timeline Begins Dec. 1, 2008 with no end date specified. | Call (800) 669-6650 http://my.countrywide.co m/media/FinancialAssist anceEN.html |