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    In today’s economy, more and more homeowners are struggling with maintaining monthly mortgage payments.  As expenses rise, some homeowners are facing a crisis such as foreclosure.  PHH Mortgage, a leader of the nation’s lending institutions, offers several programs to help the homeowners meet their obligations, become current on their mortgage payments, and avoid foreclosure.

    PHH is not just a lender; it is also a servicer of loans made by many other lenders.  This means that, with well over $40 billion in loan experience, PHH can find the best mortgage relief solutions for home owners.

    PHH works in conjunction with many government relief programs within the Making Home Affordable Act.

    1.  The Home Affordable Modification Plan:  This program may extend the life of the loan while lowering interest rates and lowering the loan principals.  To qualify for HAMP with PHH, the homeowner typically does not have to already have fallen behind on mortgage payments.  The homeowner must be able to prove financial duress and the home is the primary residence for the HAMP.  Additionally, the principal balance may not be more than $729, 750.   The mortgage payments must exceed 31% of the homeowner’s gross monthly income.

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    2. The Home Foreclosure Affordable Alternative: For homeowners who decide that a short sale or Deed in Lieu will be the best option, HAFA will offer $3000 for the transition from home to rental property.  By applying for HAFA, the lender has to allow time for a short sale or Deed of Lieu before continuing the foreclosure process.  In addition, the lenders must forgive all principal balances of the mortgage when a short sale or Deed in Lieu is presented.

    3.  Safe Haven Program: This government sponsored program is for the homeowner who, while having a good income, cannot afford the mortgage payments because of high debt ratio and monthly expenses.  By enrolling in this program, a plan of action is initiated on the homeowner’s behalf including contacting the lender of the mortgage to try to reduce payments, start a monthly budget in an effort to reduce monthly expenditures, start a plan for debt management, begin a 90 day plan of action and review the plan after 90 days with a recommendation for the mortgage lender after the 90 day action plan is finished.

    4. Soft Landing Program: If having to lose the home seems unavoidable; the Soft Landing Program can make the transition easier for the homeowner.  The program will allow someone to contact a lender on the behalf of the homeowner to negotiate a 90 day transition period and start a 90 day transitional plan of action.  The counselors of the Soft Landing programs can help the homeowner find any government assistance programs or lender incentives to possibly keep the homeowner in the home.

    5. Cash for Keys:  If the home is to be turned back over to PHH, the homeowner may qualify for a payment incentive to leave the home early.

    PHH can offer many options as well as the government plans such as forbearance, various loan modification programs, bankruptcy advice, and repayment plan

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