The recession of the past several years in has hit many homeowners in the United States hard, enough to force many to take out an auto title loan. These loans can help get quick cash in an emergency, but for a more permanent solution, numerous mortgage refinancing options are available now that weren’t available before the recession.
The Making Home Affordable program was created by the United States Departments of the Treasury and Housing and Urban Development. It was designed to help struggling homeowners who have too much debt or who’s home is not worth as much as what the homeowner owes on the mortgage.
The Home Affordable Modification Program is one part of Making Home Affordable. This program reduces the payments made by homeowners that qualify for it. To qualify, you must be employed and you can prove that you have enough income to pay for a modified payment.
You must have obtained the mortgage no later than Jan. 1, 2009, and you don’t owe more than $729,750 on your primary residence or a single-unit rental, $934,200 on a two-unit rental, $1,129,250 on a three-unit rental, or $1,403,400 on a four-unit rental. Also, the property cannot have been condemned.
You also must be able to show that you have suffered a financial hardship are are in danger of falling behind if you aren’t already delinquent, and that you have not been convicted of a felony in connection with a mortgage or real estate transaction the last 10 years.
If you meet these qualifications (as of share this site March 2013), then you should contact your mortgage provider to start the process of modification. If your provider doesn’t offer the HAMP program, it may have its own program that can help you in a similar fashion.
Another program under Making Home Affordable that can help you is the Principal Reduction Alternative, which is designed to lower the amount you owe on your mortgage, which in turn lowers the payments. The eligibility qualifications are the same except you must owe more on your house than it is worth, the house must be your primary residence, and your payments are more than 31 percent of your gross monthly income, which is your income before taxes and other deductions.
If your loan is guaranteed by the Federal Housing Administration (FHA), Veterans’ Affairs (VA), or the United States Department of Agriculture (USDA), then you may be able to refinance for lower monthly payments. These have much of super mario run hack android the same qualifications as HAMP, however your payment must be greater than 31 percent of your gross monthly income.
If you are not sure if you qualify for any of these programs, agar io cheats tool go ahead and contact your mortgage provider, especially if you have had to use an auto title loan to cover your living expenses. Your mortgage provider will help you to determine your eligibility and may have a program of its own that you do qualify for instead.
The key is to be open and honest with your mortgage provider. These companies have seen many people struggle the last few years and are willing to work with people who are honestly trying to meet their obiligations.