Obama’s making homes affordable program is designed to help people who are in trouble or soon will be and are at risk with their mortgage and are heading towards foreclose, even if they do not realise it yet.This government program helps you trough a loan modification. Some loan modification programs which are part of making homes affordable give lenders cash incentives to help out homeowners in distress.Making homes affordable has in reality many different programs under the same umbrella, including the so called loan modification bailout program. HAMP program, HARP program, HAFA and the second lien modification (2MP).With all these terms flying around many people do not know what to do and if you are struggling with your mortgage payments you do not want to be faced with confusing terms. All you want is someone to tell you what you need to do to save your home.Here is what you need to know.The HAMP program has the following requirements.#1 – the home you want to remortgage is one you live in.#2 – the mortgage must be under $729,750 dollars.#3 – the loan modification under the HAMP program cannot exceed 31% of your household income.If you qualify for this the mortgage can also be modified to make sure you can afford it by reducing interest rates and extending the length of the mortgage.The HARP program has slightly different requirements but expired on June the 10th 2010 so it is no longer valid.The HAFA program. This you really want to avoid because this is for people who qualify for the HAMP program but are unable to meet their payments and keep their home. This program will then allow them to sell their home without negative financial consequences but the fact is however you make it look you are losing your home.The bottom line is this. The program you should be looking at is the HAMP program. If you are in debt or behind with your mortgage or fear you are on your way to being so then get help and find a company that is part of the loan modification bailout program or making homes affordable as it is called.The sooner you get help the better. The last thing you want is to find yourself in such financial difficulty that even if you qualify for making homes affordable you still cannot make the payments and will face the heartbreak of losing your home.Getting help only takes a few minutes and the sooner you start the better if you want to prevent your home from being foreclosed.
home affordable program-