Learning Center: Your Source for Today’s Latest on Foreclosure Refinance and More
Today’s internet mortgage marketplace is like a mine field. Make the wrong move and you could waste hundreds or thousands of dollars and weeks or months of precious time. AboutYourMortgage is committed to educating consumers on how to navigate their way safely through this marketplace by providing unbiased mortgage information and helpful links.
Overview of President Obama’s “Making Home Affordable” Program
The Home Affordable Refinance Program
Available to homeowners who have a solid payment history on an existing mortgage owned by either Fannie Mae or Freddie Mac.
The Home Affordable Modification Program
Available to many at risk homeowners by helping them to avoid foreclosure by modifying their current mortgage loans.
Don’t be a victim of a loan modification or foreclosure scam
Prepare to talk to your Mortgage Loan Lender
FHA’s Important New Changes to the HOPE for Homeowners Program
Your Rights and Your Mortgage Loan Lender’s Responsibilities
Guide to Avoiding Foreclosure
Whether you’re in foreclosure now or worried about it in the future.
On March 4, 2009 President Obama’s Administration announced new U.S. Department of the Treasury guidelines to allow lenders to begin eligible mortgage modifications through the Homeowner Affordability and Stability Plan. The “Making Home Affordable Program” is part of a comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and in the long term. It contains requirements that will help bring relief to responsible homeowners who are struggling to make their mortgage payments.
Two of the most significant aspects for Homeowners of this plan are:
1. The Home Affordable Refinance Program
This program is available to homeowners who have a solid payment history on an existing mortgage owned by either Fannie Mae or Freddie Mac. Under the Home Affordable Refinance program, many homeowners will now be eligible to refinance their loans to take advantage of today’s historically low mortgage rates or to refinance an adjustable-rate mortgage into a more stable 30-year fixed rate loan. This program is set to end in June 2010.
2. The Home Affordable Modification Program
This program is available to at risk homeowners by helping them to avoid foreclosure by modifying their current mortgage loans. This is achieved by reducing a homeowner’s monthly mortgage payments. The Treasury Department has issued program guidelines and Mortgage Lenders are allowed as of March 4, 2009 to modify mortgages under this program and its guidelines.
Home Affordability Fact Sheet
Q&A
For more detailed information: http://www.Financialstability.gov
Don’t be a victim of a loan modification or foreclosure scam
- If any organization or persons ask you to pay a fee for housing counseling services or loan modification beware, DO NOT PAY
- Never sign over or transfer the deed to your property to anyone or any organization even if they say they can “save” your home. Always work directly with your mortgage lender.
- Always submit your mortgage payments to your mortgage lender, unless they specifically tell you to send them elsewhere. Beware of people saying they will submit your payments for you.
FHA’s Important New Changes to the HOPE for Homeowners Program
On May 20, 2009, President Obama signed into law the Helping Families Save Their Homes Act. This act modifies theHOPE for Homeowners Program with the goal of helping additional families avoid mortgage foreclosure. FHA is currently preparing guidance related to these changes, and anticipates releasing it in the near future. The statutory changes to the program include:
• Additional compensation for primary and subordinate lien holders.
• Establishing incentive payments to lenders of loans refinanced under the HOPE for Homeowners Program, as well as originators of new HOPE for Homeowners mortgages.
• Reducing costs of the program to the consumer.
Learn more about the new changes
Learn more about the changes to the HOPE for Homeowners program and other important provisions contained in theHelping Families Save Their Homes Act, click here.
Your Rights and Your Mortgage Lender’s Responsibilities1
When you apply for a home mortgage, you may think that the lender, or loan originator, will service the loan until it is paid off or your house is sold. However, in today’s market mortgage servicing rights often are bought and sold. The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute. Sections 6 and 10 of RESPA provide you with certain rights regarding the servicing of your mortgage and escrow account. Please read this important information concerning your rights and the responsibility of your loan lender. Learn More
1Your Rights and the Mortgage Lender’s Responsibilities, Friday, April 4, 2009: http://www.hud.gov/offices/hsg/sfh/res/rightsmtgesrvcr.cfm
