HAMP Changes Take Effect Friday June 1

HAMP Changes Take Effect Friday June 1

Effective Friday, June 1, 2012 HAMP “Tier 2”  -  which many people have simply referred to as HAMP 2.0  -  will roll out for the Making Home Affordable (MHA) loan modification program.  Like many MHA updates, these changes apply to non-GSE mortgages. 

The goal of HAMP 'Tier 2' is to increase eligibility for homeowners, including:

• those who did not meet the original HAMP guidelines,
• those who may have failed on a HAMP modification, or 
• those who own rental properties.

With HAMP 'Tier 2', many of the initial qualification criteria are still in place:

• loan must have been originated before January 1, 2009, 
• homeowner must be able to document a financial hardship;
• Only loans on properties with one-four units can be modified;
• there is a maximum outstanding loan amount (maximum unpaid principal balance.

But now, a borrower may also be considered for HAMP 'Tier 2' if any of the following also apply:

• they did not successfully complete (defaulted on) a HAMP 'Tier 1' modification;
• their monthly mortgage payment is below the minimum 31 percent front end Debt-To-Income ratio;
• and, most controversially, up to three seperate mortgages may be modified if they secure rental properties

No mortgage loan may be modified more than once in either Tier 1 or Tier 2. 

People interested in learning more about the HAMP program and the new 'Tier 2' changes, can visit the Making Home Affordable website, here.

The Anew Home Loan Services will continue to focus its attention on helping owner-occupants avoid foreclosure, but can answer questions for rental property owners as well.

HAMP, HAMP 2.0, DTI, VPN, HARP, MHA, GSE... the 'alphabet-soup' of programs, agencies and programs can be overwhelming for struggling homeowners.  In Minnesota, there is a FREE, effective resource available: The Anew Home Loan Services.  Trained and certified foreclosure prevention experts can work with YOU to find a solution to YOUR mortgage issues.  

A Debt Negotiation program may be a better option than filing a bankruptcy.

Unsecured Debt Settlement Program by Debt Free Partners

• Are you tired of your monthly unsecured debt?
• Stop the collection calls.
• Avoid possible bankruptcy.
• Want one monthly affordable payment?
• Our company has some of the best debt negotiators and credit information specialists in the business.
• We have programs that will have you be debt free in 12-48 months.
• On average we can negotiate your debt balances down 40-60% of what you owe, including all fees.
• Debt Negotiation has no negative impact on your credit score.
• We will help stop creditor harassment.
• Debt Negotiation and Debt Settlement are not for everyone. If you qualify for our program we will design a debt free plan that is best for you and your family.

Once you have been accepted into the program, your life will get a lot simpler. You only need to set aside an affordable amount of money each month to save up and pay off your creditors. Your money will go into a savings account that you control. We will be available to answer your questions, deal with creditor calls, concerns, negotiations, monthly statements and administrative issues.

A Debt Negotiation program may be a better option than filing a bankruptcy.

Let us help you throught this difficult process

Getting behind on your mortgage can be a very stressful experience.  Working with your bank to try and work out new loan terms can be scary if you do not know who to talk to and what questions to ask when trying to do a loan modification.
We can give you free information to guide you through the loan modification process.  The Government Bailout has mandated that lenders work with homeowners to re work mortgages.  This is the best time for a home loan modification.  Our team will guide you through the loan modification process and the loan modification requirements.
Do not let your home go into foreclosure, we can help you.
Our loan modification information is free.  You do not need to pay anyone to do this for you.  You can modify your own loan.  Just call your lender and ask them what you need to do to get started or call us and let us help you through this difficult process. We have the experience and knowledge to work with your lender.

HARP PROGRAM MAY BE WHATS RIGHT FOR YOU!

Fannie Mae (FNMA) just announced the guidelines for the New HARP Program. Freddie Mac (FHLMC) also announced their guidelines for this program.  The Harp Program is designed to help property owners who are underwater.  Have questions give me a call or email me?


What is happening today in mortgage lending: Tracey Smith has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.anewhomeloanservices.blogspot.com
or www.anewhomeloanservices.com

Making Homes Affordable Program

With The Making Home Affordable Program It Is Possible To:

• Stop Foreclosure
• Erase Back Payments
• Eliminate Late Fees And Penalties
• Lower Your Rate To As Low As 2% Fixed
• Extend Your Loan To 40 Years
• Reduce Or Eliminate Negative Equity
• Receive Up To $1000.00 Per Year For Making Your Payments On Time

A Loan Modification using HAMP guidelines can lower your mortgage payment to 31% of your gross monthly income. Over 4 million homeowners are eligible to qualify for this program. This program also offers options for "underwater" mortgages and in 2010 revisions were made to the program to offer assistance to unemployed homeowners. There are no credit checks to qualify for the program and there is no cost to you from your lender to participate in the program.

Put the strength of the Nations leading Mortgage Relief Firm to work for you today. Even if you have been denied help in the past, you may still qualify for HAMP or other programs. We have helped thousands of homeowners in need of Mortgage Relief by helping them lower their mortgage payments and save their homes from foreclosure. Mortgage Relief counselors are standing by to offer you a free, no obligation consultation.

Take advantage of Government Programs while they are still accessible!!!