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Digital News Report – The Making Home Affordable Modification Program is designed to help homeowners stay in their home or move using a short sale or deed-in-lieu of foreclosure. There are also provision to help the unemployed and those who see their mortgage skyrocket due to ARM adjustments.
The Department of Housing and Urban Development (HUD) will be holding a “homeowner community event” in San Diego this week. Government officials will be at the San Diego Convention Center on Thursday October 21st.
Homeowners do not need to attend the event to take advantage of the home loan modification program. The program is free to the homeowner because the government pays counselors and provides incentives to the lenders.
There are several aspects to the program:
1) The standard loan modification program helps homeowners deal with lenders to modify their home. But there are other alternatives.
2) The Obama administration is providing special help to Americans who have lost their jobs.
3) The second lien modification program (2MP) will help homeowners deal with second liens. There are incentives to the second lien holders to extinguish loans.
4) Many homeowners are unable to qualify for low home refinance rates because of declining home values. The Home Affordable Refinance Program gives unqualified applicants the opportunity to refinance their home.
5) Finally, homeowners who don’t qualify for other aspects of program can save their credit by getting government help to “transition to more affordable housing through a short sale or deed-in-lieu of foreclosure”.
Consultations and government approved councilors can discuss program options for free. The fees are paid for by the government.
By: Tina Brown