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The Obama administration has introduced a new program to help homeowners avoid foreclosure. If you are struggling to pay your mortgage and worry you may lose your home, read on. Foreclosure can be avoided using the PRA or Principal Reduction Alternative which was designed (by MHA – Making home affordable) to motivate mortgage services and investors to reduce the amount owed on a home, especially when the value of the property shrinks to the point where the home is worth less than the money owing.
You are advised to get in touch with your mortgage company at the earliest opportunity to find out whether or not you are eligible for the PRA program.
Those eligible include:
1) mortgages not owned or guaranteed by Fannie Mae or Freddie Mac,
2) those who owe more than the actual value of the property,
3) primary residence homes mortgaged on or before January 1st 2009.
You may also be eligible if:
1) your mortgage payment exceeds 31% of their monthly income (pre-tax);
2) you owe as much as $729,750 on your first mortgage.
Anyone accepted for the program must have enough documented income to cover the newly adjusted payment and must have no convictions for the last 10 years for larceny, theft, fraud or forgery, money laundering or tax evasion connected with a transaction for a mortgage or real estate. This list should give you a good idea of whether of not you are eligible so contact your mortgage server to make sure.
The MHA – Making Home Affordable has a program called HAMP –The Home affordable Modification Program. A large number of companies have agreed to participate in the program. Freddie Mac and Fannie Mae own loans in many mortgage companies which are required to participate too. The way to find out if your loan is held by Freddie Mac or Fannie Mae is to visit the Loan Look Up. The Homeowner´s HOPE tm hotline at 1-888-995-hope (4673) could help if you have further enquiries about the program.
Ask for “MHA Help” if you need assistance with your mortgage company or if you think that you are eligible even though you were in fact told that you are not eligible. There are over 100 servers who participate in the HAMP program and who are able to determine whether homeowners qualify for principal reduction. They have written standards of how to apply PRA.
It is always best to speak to a housing expert in order to fully understand your options. They are qualified to arrange a plan that fits your personal circumstances and they are available in more than 160 languages at 888-995-HOPE (4673). HUD (Housing and Urban Development) approved counselors do not charge you for their advice. They will help you with your budget and indicate what documentation you will need to give to the mortgage company as well as having helpful information about local resources.
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