Mortgage Loan Modification
Laws and legal information about mortgage loan modification
Related Topics
HOPE for Homeowners Program FAQs
Source: HUD What is the HOPE for Homeowners Program?This is a new program for borrowers at risk of default and foreclosure. The program provides new, 30-year, fixed rate mortgages that are insured by the Federal Housing Administration (FHA). It may help you refinance your mortgage into a more affordable payment. H4H is voluntary. Both lender(s) and borrower(s) must agree to participate.When did H4H Begin?The program began October 1, 2008 and ends September 30, 2011. Read more
Homeowner Affordability and Stability Plan FAQs
Source: The White House Borrowers Who Are Current on Their Mortgage Are Asking:What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities. I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of…
Loan Modifications Under the Homeowner Affordability and Stability Plan
Family A: Access to RefinancingIn 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the time. (The family put just over 20% down.) They received a Fannie Mae conforming loan with an interest rate of 6.50%.Today: Family A has about $200,000 remaining on their mortgage but their home value has fallen 15 percent to $221,000. Read more