The Making Home Affordable Program is trying to help people who occupy the home that they need help with. Their loans need to be below the conforming limit of $729,000. The first lien mortgage must have been originated before January 1, 2009.
The program is trying to help when the loans are viewed as un-affordable as defined by the HAMP and the HAFA programs. A loan is viewed as unaffordable if the total first payment on the first mortgage exceeds 31% of the borrower’s gross income.
Borrowers must also be suffering from a financial hardship. There are lots of reasons that would cause a financial hardship. Also, the loans may be delinquent or delinquency is a reasonable expectation.
Contact us for more details!
Pacific Sotheby's International Realty
Fax (760) 946-7894
CA License # 01341483