Obama's Home Affordable, Modification,Refinance,2nd Lien Modification, Foreclosure Alternatives HAMP,HARP,HAFA,2MP,HAFA explained

1. Making Home Affordable Programs Joy Elliott, Realtor Your “Joy” in Real Estate People’s Choice Brokers joy@joyelliott.com www.joyelliott.com 510-326-2716

8. 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.

11. Payment Reduction Estimator Under the Home Affordable Modification program, the target maximum amount for your mortgage payment (or mortgage debt-to-income) should be 31% of your gross (pre-tax) monthly income. This Payment Reduction Estimator will determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for a modification. Do not include any payments on your second mortgage. You may have taxes and interest in escrow added to your monthly payment already, so be careful to count taxes and escrow only once. Click Here for Estimator Tool

19. The HAFA Program streamlines both of these options to make them easier for a homeowner to work with their servicer. Under the program, a homeowner can receive $3,000 to help with relocation costs. Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program. For more information about your options, you should contact your mortgage servicer . If you have questions about the program, or want guidance about how these options may impact your personal situation, you may wish to speak to a HUD-approved housing counselor for free.

21. Joy Elliott is a Realtor, not a tax accountant or a lawyer. You should discuss any particulars with a consultant of your choice Bankruptcy is the ultimate protection from collections. It should always be handled with the aid of an attorney.