Monday, August 12, 2013
Obama Mortgage Relief Plan 2013 Brings More Homeowners Into The Ambit Of Profitable Programs
The Obama mortgage relief plan 2013 proposes a variety of programs to help homeowners out of different mortgage problems. The housing crisis has created mortgage problems by way of negative equity, unemployment, bad credit rating and such. As a panacea for many such disconcerting situations, the Obama mortgage relief plan 2013 provides the following programs:
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Home Affordable Modification Program (HAMP) is meant for employed but still struggling homeowners. HAMP may lower the homeowner’s monthly mortgage payments.
Principal Reduction Alternative (PRA) helps when the home is, currently, worth much less than the amount owed on it. This program helps by encouraging mortgage servicers and investors to reduce the amount owed on the home.
Second Lien Modification Program (2MP) allows a modification or principal reduction on the second mortgage as well, if a first mortgage was permanently modified under HAMPSM and there is a second mortgage on the same property.
FHA Home Affordable Modification Program (FHA-HAMP) is very useful when a loan is insured or guaranteed by the Federal Housing Administration (FHA).
USDA’s Special Loan Servicing is very useful when a loan is insured or guaranteed by the United States Department of Agriculture's (USDA) Section 502 Single Family Housing Guaranteed Loan Program.
Veteran’s Affairs Home Affordable Modification (VA-HAMP) is very useful when a loan is insured or guaranteed by the Department of Veterans Affairs (VA).
Here it should be noted that the insurance or guarantee through any of the organizations like FHA, USDA or VA, qualifies a borrower to be eligible for a program offered through that government agency.
President Obama mortgage relief plan has more programs for the borrowers.
Home Affordable Foreclosure Alternatives Program (HAFA) is useful when it’s difficult to afford the
mortgage payment and it's time to transition to more affordable housing. HAFA provides two
options for transitioning out of a mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure.
Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP) is useful when a second mortgage is there and the first mortgage servicer agrees to participate in FHA Short Refinance.
Home Affordable Refinance Program (HARP) is for borrowers who are not behind on their mortgage payments but have been unable to get traditional refinancing because the value of their home has declined.
FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance) is for borrowers having mortgages not owned or guaranteed by FHA, VA or USDA to refinance into more affordable, more stable FHA-insured mortgages.
Home Affordable Unemployment Program (UP) is useful for the unemployed.
Hardest Hit Fund (HHF) is the provision of funds in aid of homeowners. State housing finance agencies have used this fund to develop programs that stabilize local housing markets and help families avoid foreclosure.