Help with you Mortgage!!!

                           What Option is Best for You?

There are several options for homeowners in distress. Searching online you will find websites promoting "Obama" & "Government" loan modification programs. The truth is there are government programs such as the Making Home Affordable Program (HAMP). There are also non-government & legal options for homeowners.
     Walk Away - We know that saving your home is your top priority. So don't walk away from your home if you do not need to. There are many foreclosure assistance and mortgage relief programs that can help you save your home. Many homeowners walk away from their home if they have a large amount of negative home equity or have become so late on their mortgage that there seems to be no hope. There is hope and doing nothing to save your home could be the biggest mistake of your life. Homeownership is the key to financial freedom & a stable family. Find out about your options before you walk away from your home.

     Bankruptcy - While this option may of been very popular in the past new bankruptcy laws and restrictions make this once easy process a little more difficult. Chapter 13 bankruptcy will allow you to keep your home under a plan and eliminate most if not all of your unsecured debt. With Chapter 7 bankruptcy you will need to bring your mortgage current or you must surrender your home. Filing bankruptcy may damage your credit for as much as 10 years.

     Short Sale - A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. The downside to a short sale is that it takes time to sell a home even at a bargain in such a defunct housing market. There are foreclosures on every block, housing prices are rock bottom, and selling a short sale property sometimes can be difficult and can leave you with tax obligations. The entire time the home is on the market you are still responsible for your mortgage payment, taxes, and insurance.

     Deed-in-Lieu of Foreclosure - In most cases if a home fails to be sold during a short sale the lender may consider a deed-in-lieu of foreclosure. A deed-in-lieu of foreclosure will allow the homeowner to transfer ownership of the property to the lender. The lender will sell the home and receive a portion or all of the balance you owe on the mortgage note.

     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.

• 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.