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We are totally focused on
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
Learn About the Making Home Affordable Refinance and Modification Options
The President's plan was created to help millions of homeowners refinance or modify
their mortgages.
Refinancing: Many homeowners pay their mortgages on time but are not able to
refinance to take advantage of today’s lower mortgage rates perhaps due to a
decrease in the value of their home. A Home Affordable Refinance will help borrowers
whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable
mortgage.
Modification: Many homeowners are struggling to make their monthly mortgage
payments either because their interest rate has increased or they have less income. A
Home Affordable Modification will provide them with mortgage payments they can
afford.
If you are a homeowner who is current on your mortgage payments but unable to
refinance to a lower interest rate because your home value has decreased, you may
be able to refinance.
Do I qualify for a Making Home Affordable refinance? Answer these questions:
Is your home your primary residence?
Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
Fannie Mae,
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/homeaffordable
Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/avoidforeclosure/
Are you current on your mortgage payments?
“Current” means that you haven’t been more than 30-days late on your mortgage
payment in the last 12 months.
Do you believe that the amount you owe on your first mortgage is about the same or
less than the current value of your house?
If you answered yes to all of these questions, you may qualify for a Home
Affordable Refinance. The next step is to gather the information you will need to
provide to your lender. This includes:
Information about the monthly gross (before tax) income of your household, including
recent pay stubs if you receive them or documentation of income you receive from
other sources.
Your most recent income tax return.
Information about any second mortgage on the house.
Account balances and minimum monthly payments due on all of your credit cards.
Account balances and monthly payments on all your other debts such as student
loans and car loans.
After you have this information, you should call your mortgage servicer or lender (the
organization to whom you make your monthly mortgage payments) and ask about the
Home Affordable Refinance application process. The number is on your monthly
mortgage bill or coupon book.
If you answered no to any of the questions above...
The Making Home Affordable refinance and modification options are designed
specifically to allow existing homeowners to keep their homes by making mortgage
payments affordable. The plan will not help everyone. For example, it is not designed
to reduce mortgage balances for borrowers who have sufficient income to make their
mortgage payments but owe more than their homes are worth. It also will not help
investor borrowers or borrowers who have no income and cannot make any mortgage
payment.
If you do not qualify for a Making Home Affordable refinance or loan modification, your
mortgage servicer or HUD-approved housing counselor may have other options that
are available to you. These options may include:
Forbearance: The “forbearance” agreement means that you pay only a portion of
your regular payment or no payment at all for a specific period of time based on your
current financial status. At the end of the forbearance period, you will begin making
regular payments as well as an additional amount to pay off the past-due amount.
Repayment Plan: If you have missed some of your monthly payments, your mortgage
servicer may be able to help you catch up by creating a schedule for repaying the
past-due amounts.
Special mortgage relief assistance for active duty military service members.
In certain cases, you may need to sell your home and move to more affordable
housing. The Homeowner Affordability and Stability Plan includes funding for mortgage
servicers to help you make this transition. Call your mortgage servicer or a HUD-
approved housing counselor to discuss:
Preforeclosure Sale: If you cannot sell your home for an amount that will pay off the
mortgage loan, talk to your mortgage servicer about a preforeclosure or “short” sale.
The mortgage servicer may be willing to accept a payoff amount less than what you
owe on the mortgage balance in certain situations.
Deed-in-lieu of foreclosure: If you cannot sell your home in a reasonable amount of
time, your mortgage servicer may agree to have you voluntarily transfer the deed to
the property to them to help avoid the impact of a foreclosure on your credit rating.
Caveat to consumers. Be wary of unscrupulous individuals claiming to provide
assistance and charging a fee for their services.
For Home Loan Modification eligibility check out the site @
http://www.makinghomeaffordable.gov
For list of participating lenders/investors check out the site @
http://www.makinghomeaffordable.gov/contact_servicer.html
Beware of Foreclosure Rescue Scams!!!
There is never a fee to get assistance or information about Making Home Affordable
from your lender or a HUD-approved housing counselor.
Beware of any person or organization that asks you to pay a fee in exchange for
housing counseling services or modification of a delinquent loan. Do not pay – walk
away!
Beware of anyone who says they can “save” your home if you sign or transfer over the
deed to your house. Do not sign over the deed to your property to any organization or
individual unless you are working directly with your mortgage company to forgive your
debt.
Never make your mortgage payments to anyone other than your mortgage company
without their approval.
Information obtained from financialstability.gov. Check website for more or additional
details. Summary of Guidelines from the U.S. Treasury. Download
document here
Additional Advisory
On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94, and the
legislation took effect immediately upon his signature. Thus, California law now
prohibits any person, including real estate licensees and attorneys, from demanding
or collecting an advance fee from a consumer for loan modification or mortgage loan
forbearance services affecting 1 – 4 unit residential dwellings.
The full text of the legislation is below:
http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0051-
0100/sb_94_bill_20090910_enrolled.html
Additional Guidances on the Home Loan Modification Program (download in
pdf)
Making Home Loan Affordable Fact Sheet from the U.S. Treasury dated March
4, 2009
Making Home Loan Affordable Summary of Guidelines from the U.S. Treasury
dated March 4, 2009
Supplemental Documentation - Frequently Asked Questions Home Affordable
Modification Program as of August 19, 2009
Things you should know as a homeowner
The President's plan was created to help millions of homeowners refinance or modify
their mortgages.
Refinancing: Many homeowners pay their mortgages on time but are not able to
refinance to take advantage of today’s lower mortgage rates perhaps due to a
decrease in the value of their home. A Home Affordable Refinance will help borrowers
whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable
mortgage.
Modification: Many homeowners are struggling to make their monthly mortgage
payments either because their interest rate has increased or they have less income. A
Home Affordable Modification will provide them with mortgage payments they can
afford.
If you are a homeowner who is current on your mortgage payments but unable to
refinance to a lower interest rate because your home value has decreased, you may
be able to refinance.
Do I qualify for a Making Home Affordable refinance? Answer these questions:
Is your home your primary residence?
Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
Fannie Mae,
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/homeaffordable
Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/avoidforeclosure/
Are you current on your mortgage payments?
“Current” means that you haven’t been more than 30-days late on your mortgage
payment in the last 12 months.
Do you believe that the amount you owe on your first mortgage is about the same or
less than the current value of your house?
If you answered yes to all of these questions, you may qualify for a Home
Affordable Refinance. The next step is to gather the information you will need to
provide to your lender. This includes:
Information about the monthly gross (before tax) income of your household, including
recent pay stubs if you receive them or documentation of income you receive from
other sources.
Your most recent income tax return.
Information about any second mortgage on the house.
Account balances and minimum monthly payments due on all of your credit cards.
Account balances and monthly payments on all your other debts such as student
loans and car loans.
After you have this information, you should call your mortgage servicer or lender (the
organization to whom you make your monthly mortgage payments) and ask about the
Home Affordable Refinance application process. The number is on your monthly
mortgage bill or coupon book.
If you answered no to any of the questions above...
The Making Home Affordable refinance and modification options are designed
specifically to allow existing homeowners to keep their homes by making mortgage
payments affordable. The plan will not help everyone. For example, it is not designed
to reduce mortgage balances for borrowers who have sufficient income to make their
mortgage payments but owe more than their homes are worth. It also will not help
investor borrowers or borrowers who have no income and cannot make any mortgage
payment.
If you do not qualify for a Making Home Affordable refinance or loan modification, your
mortgage servicer or HUD-approved housing counselor may have other options that
are available to you. These options may include:
Forbearance: The “forbearance” agreement means that you pay only a portion of
your regular payment or no payment at all for a specific period of time based on your
current financial status. At the end of the forbearance period, you will begin making
regular payments as well as an additional amount to pay off the past-due amount.
Repayment Plan: If you have missed some of your monthly payments, your mortgage
servicer may be able to help you catch up by creating a schedule for repaying the
past-due amounts.
Special mortgage relief assistance for active duty military service members.
In certain cases, you may need to sell your home and move to more affordable
housing. The Homeowner Affordability and Stability Plan includes funding for mortgage
servicers to help you make this transition. Call your mortgage servicer or a HUD-
approved housing counselor to discuss:
Preforeclosure Sale: If you cannot sell your home for an amount that will pay off the
mortgage loan, talk to your mortgage servicer about a preforeclosure or “short” sale.
The mortgage servicer may be willing to accept a payoff amount less than what you
owe on the mortgage balance in certain situations.
Deed-in-lieu of foreclosure: If you cannot sell your home in a reasonable amount of
time, your mortgage servicer may agree to have you voluntarily transfer the deed to
the property to them to help avoid the impact of a foreclosure on your credit rating.
Caveat to consumers. Be wary of unscrupulous individuals claiming to provide
assistance and charging a fee for their services.
For Home Loan Modification eligibility check out the site @
http://www.makinghomeaffordable.gov
For list of participating lenders/investors check out the site @
http://www.makinghomeaffordable.gov/contact_servicer.html
Beware of Foreclosure Rescue Scams!!!
There is never a fee to get assistance or information about Making Home Affordable
from your lender or a HUD-approved housing counselor.
Beware of any person or organization that asks you to pay a fee in exchange for
housing counseling services or modification of a delinquent loan. Do not pay – walk
away!
Beware of anyone who says they can “save” your home if you sign or transfer over the
deed to your house. Do not sign over the deed to your property to any organization or
individual unless you are working directly with your mortgage company to forgive your
debt.
Never make your mortgage payments to anyone other than your mortgage company
without their approval.
Information obtained from financialstability.gov. Check website for more or additional
details. Summary of Guidelines from the U.S. Treasury. Download
document here
Additional Advisory
On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94, and the
legislation took effect immediately upon his signature. Thus, California law now
prohibits any person, including real estate licensees and attorneys, from demanding
or collecting an advance fee from a consumer for loan modification or mortgage loan
forbearance services affecting 1 – 4 unit residential dwellings.
The full text of the legislation is below:
http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0051-
0100/sb_94_bill_20090910_enrolled.html
Additional Guidances on the Home Loan Modification Program (download in
pdf)
Making Home Loan Affordable Fact Sheet from the U.S. Treasury dated March
4, 2009
Making Home Loan Affordable Summary of Guidelines from the U.S. Treasury
dated March 4, 2009
Supplemental Documentation - Frequently Asked Questions Home Affordable
Modification Program as of August 19, 2009
Things you should know as a homeowner