Facing foreclosure will surely give you a headache. But instead of seeing your property foreclosed, why not look for an effective way that can help you stop the foreclosure? It would be easier for you to get ideas on how to prevent foreclosure if you will contact your lender as early as possible. They can suggest you various programs that can help you pay your mortgage.
Then contact us and we can help you decide what options are available and which best fit your current needs. Our services are free and we’ve helped many Texans avoid or stop foreclosure. Fill out the form on this page or call 512-271-5044 and we’ll get back to you with real solutions ASAP. We can guide you through all options on this page if those are solutions best suited to your situation.
Programs that Can Help You pay Your Mortgage
When having troubles with your mortgage, one of the options that you have to grab for is refinancing. There are refinancing programs that you can try like HARP and H4H. So to help you understand how these programs work, it is necessary that you read the following information.
What You Should Know about Home Affordable Refinance Program (HARP)
Home Affordable Refinance Program (HARP) was introduced to homeowners March 2009. This is to assist them with their mortgage payments because of facing equities in their homes. In order for you to qualify for HARP you should have the following requirements:
• Freddie Mac or Fannie Mae should own the mortgage.
• You should have sold the mortgage to Freddie Mac or Fannie Mae on or before May 31, 2009.
• Borrowers should be updated with their mortgage payments and should not exceed 30 days late in payment within the last 6 months and should not also exceed for more than 1 late payment for the last 12 months.
• Property types that are accepted for HARP is a primary residence, 1-unit second home, and 1 to 4-unit rental property.
• Your current LTV ratio should be 80%.
• You should not have a previous refinanced under HARP.
Once you have presented the requirements then you should be prepared for a refinance. You have to check your mortgage if it is already backed by Freddie Mac or Fannie Mae. Identify if your mortgage is old and you also have to know that the coverage of your insurance is the same with what HARP will give you. Prepare your documents and make sure that it is updated.
Refinance through Hope for Homeowners program (H4H)
Hope for Homeowners program provides struggling homeowners to pay their mortgage a new FHA loan. This loan is insured by the government with the assurance that the borrower will not find it difficult to make repayments. Before you apply for H4H, make sure that you have the listed requirements below.
• You occupy the property.
• You should have paid your mortgage for at least 6 months.
• You are not allowed to have an interested to another property like a second home or a rental property.
• The mortgage payment should be more than 31% of the borrower’s gross monthly income.
• The mortgage should have started on or before January 1, 2008.
• You were not involved in any kind of fraud within the last 10 years.
If you are qualified, then you have to submit important documentation that include payment history, mortgage payment, mortgage origination date, and primary residence.