Modification Programs
HAFA - Many homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.
Government Foreclosure Programs - There are several different government backed mortgage assistance programs. For more information on these programs visit makinghomeaffordable.gov. If you have questions about these programs we will help clarify during your evaluation.
The most popular government loan modification program is HAMP or the Making Home Affordable Program. According to the Treasury.gov website to date, over 1.4 million homeowners have started a trial modification under the Home Affordable Modification Program (HAMP), and over half a million homeowners have received permanent modifications reducing their mortgage payments by an average of over $500 every month. In total, homeowners have already reduced their mortgage burden by over $4.5 billion through HAMP permanent modifications.
NACA Program - The NACA Program will submit an affordability budget analysis with supporting documentation to your mortgage servicer. There will be a request to the servicer that your mortgage payments be reduced to a new affordable payment which will be documented in the affordability budget. The servicer would reduce either your interest rate or outstanding principal or both to achieve the mortgage payment over the remaining term of the loan. This process is similar to a loan modification which is explained below.
Loan Modification - A loan modification may save your home from foreclosure while lowering your rate, payment & even principal balance. There are many different loan modification programs. Figuring out which one is best for you can be a full time job. The HAMP program listed above is the most popular program due to it's massive media exposure.
The government's HAMP program is a voluntary program that you and your lender must agree to both participate in so that you can obtain a mortgage modification on your existing mortgage. Not all lenders are agreeing to participate in the program. Even if your lender does not participate in the HAMP program or if you do not qualify a loan modification may be negotiated directly with your lender.
A loan modification is when your mortgage note is modified without refinancing. Homeowners are quickly finding out that this option is the fastest way to save their home while lowering their rate & payment to achieve an affordable mortgage payment.
What are the possible benefits of a Loan Modification?*
• Payments may be reduced to to 1 you can afford without refinancing.
• Interest rate may be cut to reach an affordable monthly payment.
• Principal balance may be reduced in order to lower mortgage payment.
• Loan terms may be extended up to 40 years.
• Late payments & fees may be restructured to give you a fresh start.
• Foreclosure may be prevented at the end of a successful loan modification.
*Listed above are examples of steps used to reach target modified payment during a loan modification. Results & steps vary.
Homeowners struggling with mortgage payments due to recent job loss, change in income, health issues, divorce, adjustable rates, negative home equity and more may qualify for a loan modification. Even if you have been denied a loan modification before our partners may be able to find you a solution.
Just fill out the short form above to see if you qualify for one of the many options available in your area. Do not continue to struggle when millions of homeowners are getting relief.
If you have time now we recommend you call to speak with a housing counselor. We know it is hard to find time but just a few minutes could make the difference for you and your family. There are many options available online, make the safe choice by calling us now at 1-888-376-0035.
• Receive a risk free evaluation & review your options.
• You may be able to restructure late payments, lower your rate & reduce your principal balance.
• Receive information on multiple programs available in your area.
• Find out what programs you are eligible for with just one call.
• Get only the facts and you can decide what is best for you and your family.
• Avoid mortgage rescue scams by contacting HomeRecovery.org first.
Prevent Foreclosure & Get the Mortgage you Deserve!
Disclaimer:
US Mortgage Relief is not associated with the government, and our service is not approved by the government or your lender. Even if you accept an offer from us and use our service, your lender may not agree to settle or negotiate.
We are not a "mortgage modification company". We do not process mortgages or mortgage modifications. We simply match you, the consumer with the mortgage company or lawyer which is best suited to their individual situation.
ONCE AGAIN, WE ARE NOT A MORTGAGE MODIFICATION COMPANY.
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