Home Affordable

The Federal Government's Home Affordable Program is made up of 3 main sub-programs, which are outlined here.

In early 2012 the U.S. Treasury has announced that the HAFA Short Sale and HAMP programs have been extended until December 31st, 2013.


 
H.A.R.P. = Home Affordable Refinance Program
· “Streamlined” Refinance Program Allowing Homeowner to Refinance into new loan up to 125% Loan to Value (Maximum amount would be 125% of the current value of the home).  **
· Loan must be owned by Fannie Mae or Freddie Mac.
· Loan must be current and not have had any late payments in the past 12 months.
· Expires December 31, 2013

** On October 24, 2011 the U.S. Treasury Department announced that it was eliminating the 125% LTV, which should open up the program to help many homeowners that were previously not eligible.
 
H.A.M.P. = Home Affordable Modification Program
· Program that modifies payments on current loan to 31% of borrower’s gross (pre-tax) monthly income with principle & interest payments.
· Current loan payment must be greater than 31% of borrower’s gross monthly income.
· New payment will be based on new 30 year period at no less than 2%.
· Borrower must show sufficient proof of income to qualify for new payment.
· Eligible loans must have been made before January 1, 2009 and have a current principle balance of no greater than $729,750.
· Home must be borrower’s primary residence.
· Expires December 31, 2013
 
H.A.F.A. = Home Affordable Foreclosure Alternative
· “Streamlined” Short Sale Program for borrowers that do not qualify for HAMP Modification due to income being too low, or for borrowers that cannot stay in their property for other hardship reasons such as job relocation, medical, & family reasons.
· Provides Unqualified Debt Forgiveness to Borrower. Borrower is no longer responsible for the balance of loan after the sale.
· Pays Borrower $3,000 for relocation expenses.
· Expires December 31, 2013

Please email or call us at 714-989-6176 for a no-cost, no-obligation, confidential foreclosure prevention consultation.