We thought that we could explaing in a little detail how this program works and what is required to qualify for this Government Program.

The Making Home Affordable Program is aimed to assist home owners who are close to being foreclosed upon. The requirements of this new program requires the bank to make a reduction of your mortgage payments for qualified home owners to keep the home owners from being foreclosed.

Qualifications

1. Mortgage has no prior modification throught the Making Home Affordable Program.
2. Delinquency or default is reasonably assured.
3. Mortgages that are in the process of foreclosure are eligible.
4. Loans must be on a 1 – 4 unit property, with a minimum of 1 unit being the owners principle residence.
5. Condos and Cooperative Share Mortgages are eligible
6. Investment properties other than principle residence do not apply.
7. Manufactured Housing are eligible
8. Property can not be vacant or condemned
9. Borrower must have proper documentation on how they do not have sufficient income to maintain monthly mortgage payments.
10. Complete a Home Affordable Modification Program Affidavit
11. Documentation must be less than 90 days old
12. Current Monthly Mortgage Payment must be greater than 31% of the borrowers income.
13. Active litigation regarding the mortgage is permissible
14. Servicer may or may not require borrowers to waive legal rights
15. Their must be an escrow account setup for Taxes and Home Insurance prior to the trial period
16. Unpaid Principal Balance must be equal to or less than: 1 Unit-$729,750 2 Units: $934,200 3 Units:$1,129,250 4 Units-$1,403,400
17. First Lien Mortgage must have originated before January 1, 2009
18. Property may have a junior lien but only the first lien mortgage will be eligible