Stop Foreclosure Program » Government Assistance http://stopforeclosureprogram.org Discover How To Stop Foreclosure and Keep Your Home Sun, 27 Jun 2010 02:15:37 +0000 en hourly 1 Real Estate Prices Still Lagging In Much of the Country http://stopforeclosureprogram.org/2010/06/real-estate-prices-still-lagging-in-much-of-the-country/ http://stopforeclosureprogram.org/2010/06/real-estate-prices-still-lagging-in-much-of-the-country/#comments Sun, 27 Jun 2010 02:15:37 +0000 Staff http://stopforeclosureprogram.org/?p=82 As homeowners struggle to make payments on existing mortgage contracts the domestic housing market continues its struggles.

Many American home owners have been forced to contend with the weakened housing market and high unemployment numbers, a combination that is making it difficult to maintain financial stability.

These problems have the potential to become even worse as federal aid is drying up just at the time when money people need it most. Mortgage relief programs and extended unemployment benefits are two programs needed by struggling homeowners that the government is trying to cut.

Effective Mortgage Help Needed

When the extent of the domestic mortgage crisis become evident several years ago the government recognized the need to support struggling homeowners and created programs including the Making Home Afforable initiative to accomplish the goal.

Unfortunately federal intervention has not been enough and the programs instituted have not been adequate to help many homeowners. As the problem of foreclosures continues effective solutions are still needed.

Unemployment Benefits Threatened

The United States is experiencing significant unemployment numbers as the global recession continues. Despite stimulus efforts by the government national unemployment continues to hover around 10% with indication it is only getting worse. While millions of Americans are struggling to find work Congress is threatening to cut off all unemployment extensions.

Unemployment benefits are the only source of income for many struggling people  including homeowners. Discontinuing support for the unemployed could further damage the struggling housing market making a recovery even more difficult.

]]> http://stopforeclosureprogram.org/2010/06/real-estate-prices-still-lagging-in-much-of-the-country/feed/ 0 Government Assistance Programs for Homeowners http://stopforeclosureprogram.org/2009/10/government-assistance-programs-for-homeowners/ http://stopforeclosureprogram.org/2009/10/government-assistance-programs-for-homeowners/#comments Fri, 16 Oct 2009 05:17:47 +0000 Staff http://stopforeclosureprogram.org/?p=22 Many American home owners are now going through financial distress that can be attributed to the the current economic recession. For some people their situation is so bad they risk losing their houses. To help make sure those individuals are able to remain in their houses the government has created a brand new Financial Stability plan with the goal of aiding homeowners during these difficult times. A crucial component of the strategy is the Making Home Affordable plan.

This plan is supposed to improve the whole domestic economy by quickly helping the housing sector. The aim of the program is to help about 4 or 10 million people remain in their houses by reducing monthly mortgage payments. The program utilizes 2 types of home loan restructuring programs; mortgage refi and home loan modification. The congress has committed more than $75,000,000,000 to pay for these assistance plans.

The mortgage refinance plan will be run according to the terms set forth by the Home Affordable Refinance Program plan. House loan refinance happens if a mortgage holder works out a completely new loan and utilizes the proceeds to pay down the balance of the current home loan. The Home Affordable Refinance Program program will give up to 5,000,000 mortgage holders with mortgages guaranteed by Fannie Mae or Freddie Mac the chance to refinance their loans. When they refinance borrowers can get lower regular payments,making it allowing them to keep their homes.

The mortgage loan modifications are going to be administered by the Home Affordable Modification Program.The HAMP money is supposed to assist up to 4,000,000 struggling property owners get their current loan terms altered. Loan modification is when borrowers and loan companies negotiate and change just a few aspects of an existing mortgage agreement. As opposed to refi which is a whole new loan, modification alters only one terms of a contract. This is often simpler with less requirements to deal with. By altering loan agreements to include lower monthly payments a number of mortgage defaults can be avoided.

If you are a distressed homeowner there is a good probability that you are qualified to receive home loan assistance. You may be able to lower monthly payments of an existing mortgage to prevent foreclosure through loan refi or loan modification. To find out if you are eligible for either Home Affordable Refinance Program or Home Affordable Modification Program speak with your mortgage company. They should have all the applicable info about public mortgage relief plans.

Related Blogs

]]> http://stopforeclosureprogram.org/2009/10/government-assistance-programs-for-homeowners/feed/ 0 Uncle Sam Can Help You Avoid Foreclosure http://stopforeclosureprogram.org/2009/10/uncle-sam-can-help-you-avoid-foreclosure/ http://stopforeclosureprogram.org/2009/10/uncle-sam-can-help-you-avoid-foreclosure/#comments Wed, 07 Oct 2009 12:26:07 +0000 Staff http://stopforeclosureprogram.org/?p=27 he current financial tumult has rocked many families. As foreclosures are starting to grow the economy appears to be headed further down. Most professionals say a recession has already started. In an attempt to revive the economy the government has enacted a stimulus plan.

The recovery strategy is to prop up the residential housing industry by providing cash to borrowers who are having a tough time getting the cash for their payments. The strategy is based on the assumption that the bulk of the country‚Äôs economic issues are grounded in an unstable mortgage market. By propping up failing housing loans and ensuring families remain in their homes it is hoped the economy overall will improve. With consumer confidence and construction spending at their lowest in years it is clear that some impetus is required to jump start the American economic engine. If government officials are right the mortgage assistance policies they’ve created are the key to rejuvenated financial prosperity.

The program also calls for mortgage lenders that are amenable to revisit the loans they have made. They are encouraged to work with straining borrowers to help them to develop more forgiving monthly payments. Many borrowers are falling behind in their monthly payments because of contractual stipulations such as balloon payments or interest rate increases. Some borrowers have been affected by the collapse in housing values which has severely limited the opportunities for a lot of borrowers. Whatever the cause for home owner anxiety home loan assistance plans can help limit home foreclosures.

The government mortgage assistance program passed by the US congress provides emergency funds for US homeowners to keep their homes. If you find yourself presently trying to prevent foreclosure on your mortgage and feel you are a candidate for relief you should speak to your lender. The government is telling all mortgage holders to speak with their mortgage company. Lenders have all the necessary information regarding eligibility requirements. If your loan lender is unable to help you with loan assistance get in touch with a government housing agency.

]]> http://stopforeclosureprogram.org/2009/10/uncle-sam-can-help-you-avoid-foreclosure/feed/ 0 Avoid Foreclosure Through Fannie Mae http://stopforeclosureprogram.org/2009/10/avoid-foreclosure-through-fannie-mae/ http://stopforeclosureprogram.org/2009/10/avoid-foreclosure-through-fannie-mae/#comments Tue, 06 Oct 2009 12:38:41 +0000 Staff http://stopforeclosureprogram.org/?p=38 Fannie Mae is the better known name for the Federal National Mortgage Association, a stock holder owned corporation that last year was put under conservatorship of the government because extreme financial distress. It is likely that they are the owner of the title of your property and if so you could be entitled to government relief.

The Federal National Mortgage Association was founded by public charter in the 1930′s during the Great Depression. Its cause was to increase the credit availability for low income Americans by securitizing mortgages. This was done to make sure that there would be plentiful supply of money for the institutions responsible for giving mortgages to borrowers. In 1968 the congress converted the once public organization into a privately held corporation under the control of a board of directors. As a government sponsored enterprise its existence has been criticized for its relationship to the government and near public classification.

In September of 2008 the crisis in the US housing market forced the FHFA to put Fannie Mae into conservatorship. Once again the organization was returned to the control of the the federal government. It was estimated that at that time Fannie Mae and its sister corporation Freddie Mac backed approximately half of the US $12 trillion dollar real estate market. It had an operating loss of a little more than $5 billion in 2007 and more than $880 billion in assets to close 2007. With all of the companies business closely intertwined with virtually every aspect of the US real estate market the financial meltdown forced congress to intervene with public assistance.

There had long been suspicion that Fannie Mae and Freddie Mac were supported by the government and once those suspicions turned out to be true the federal government assumed significant influence with those institutions. That public influence is being used to enact policies to help distressed home owners prevent foreclosure. If you are a homeowner with a mortgage guaranteed by the Federal National Mortgage Association you may be eligible for mortgage relief. In exchange for public support Fannie Mae is mandated to provide mortgage relief to distressed home owners including mortgage refinance and loan modification programs. These programs restructure home loan contracts to lower rates or monthly payments. If you are unable to make your mortgage payments you can get in touch with Fannie Mae directly. They will assist you in determining who is the holder of your home loan and how you can get assistance.

Related Blogs

  • Related Blogs on hamp
]]> http://stopforeclosureprogram.org/2009/10/avoid-foreclosure-through-fannie-mae/feed/ 0 Home Loan Assistance Eligibility http://stopforeclosureprogram.org/2009/09/home-loan-assistance-eligibility/ http://stopforeclosureprogram.org/2009/09/home-loan-assistance-eligibility/#comments Sat, 26 Sep 2009 05:01:00 +0000 Staff http://stopforeclosureprogram.org/?p=14 If you have fallen behind in your mortgage payments and are scared of foreclosure you may be eligible for a mortgage relief program. Due to the growing amount of struggling homeowners many mortgage companies are willing to negotiate mortgage loan refinancing and loan modification. These programs have allowed homeowners to lower monthly payments helping millions to remain in their houses. To encourage these housing assistance programs congress has passed 2 programs; the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP). These plans are administered with the help of home loan companies and provides reasons for them to work with distressed borrowers to reduce monthly payments. These programs both have basic eligibility regulations.

If you want to work out a mortgage refinancing through the Home Affordable Refinance Program Eligibility you must comply with a few qualifications. There are a number of details of your mortgage situation that are considered when determining your fitness for a mortgage refi. You must own a residential house. The mortgage should be guaranteed by one of Fannie Mae or Freddie Mac. If you do not know whether your mortgage is guaranteed you should speak with Fannie or Freddi directly.

Whether or not you are up to date on your home loan and how much you owe is important to if you are eligible refinance. To be eligible it is necessary that your present mortgage doesn’t exceed 125% of the present value of your property. For example if you owe $400,000 on a home that is worth $350,000 you would be eligible. To learn if you are eligible for mortgage refinancing talk to your mortgage company.

If you would like a loan modification through Home Affordable Modification Program their are several qualifications you must adhere to. These qualifications including whether or not your property is your primary residence and what you owe on it. Qualification guidelines also consider explanations for why you are having difficulty with regular payments such as reductions in income. The date that you took out your home loan is also taken into account when deciding your fitness for assistance to avoid foreclosure.

If you cannot make your monthly payments and fear your home may be foreclosed you may be a candidate for mortgage relief in the form of mortgage refinance or housing loan modification. To find out more about qualification requirements and if you qualify speak with your home loan lender.

Related Blogs

]]> http://stopforeclosureprogram.org/2009/09/home-loan-assistance-eligibility/feed/ 0