Wednesday, February 22, 2012

Home Affordable Modification Program ~ Updates

As a Santa Clarita Valley Realtor you'd think my only concern was about selling homes. Working with buyers to buy and sellers to sell. Not completely so. Of course, that's my main focus....but as a Certified Distressed Property Expert I've been trained on how to help people avoid foreclosure and have learned that with lots of patience and perseverance a homeowner can sometimes stay in their home.

The HAMP program was introduced a couple of years ago and there hasn't been a huge amount of success. There has been a lot, but it's minuscule compared to the number of homes going to foreclosure.

Recently there have been some changes and a time extension for the program.
1) The deadline has been extended to 12/31/2013
2) Debt Ratio Eligibility has been increased
3) Rental Property may now be eligible
4) Balance Reduction
5) Fannie and Freddie guaranteed loans are now eligible

You can find out more details by going to their website:
 Making Home Affordable Modification.Gov

And, there is a video up on YouTube that talks about the program as well:
 YouTube HAMP Video

Really, the basics that make me write about this again? Don't wait, don't wonder. Contact your lender before you get behind. There are many options, and you must be an advocate for yourself and your family.

Start by calling your lender

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