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As part of the Home Affordable Modification Program (HAMP), the Home Affordable Foreclosure Alternatives Program (HAFA) provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu (DIL) to avoid foreclosure on a HAMP-eligible loan. If you're eligible for a HAMP mod but can't complete it for one reason or another...you need to see the rest of this article now!

Monsters, Mortgages & Making Sense of it All

Wednesday, December 30, 2009

Someone asked me the other day in a message…. “and what has happened since your last post?” I realized that I had shared bits and pieces of the developments of our mortgage, without really going into detail. Come and read how the story of LaylaU's HAMP modification turned out and get some inspiration for your own journey/struggle.

Mortgage Modification Conversion Drive – Part 2

Monday, December 28, 2009

The new Obama Mortgage Modification Conversion Drive includes more servicer accountability, web-based tools for borrowers, and engagement of local and state agencies; but will it be any better for borrowers in the end?

Obama administration Kicks off Mortgage Modification Conversion Drive

Saturday, December 26, 2009

The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) kicked off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgages under the Obama Administration's Home Affordable Modification Program (HAMP) convert to permanent modifications. Come to the site to see what it means for you and your modification.

30 Minute Hardship Letter Video Course

Saturday, October 31, 2009

I just finished making this almost half hour long video course. You can watch over my shoulder as I prepare, outline, and write a hardship letter and give you the tips and tricks I’ve learned over the years. I plan to sell this in the near future, but I need honest testimonials from people like you. So, for a short time, I’m going to put it out here for the world to see and leave feedback on. No sign ups or purchases required (right now)…all I ask is that you leave a comment as a response to this blog post.

Home Affordable Short Sale Program – Will it Help You?

Wednesday, September 30, 2009

I wrote a couple weeks ago about Congress’ latest change to the Home Affordable Program…they want to add incentives for lenders to offer short sales and/or deeds in lieu so they won’t actually have to foreclose. When I wrote that, there was no news out on the program, but now the Treasury Department has released the latest program update and here’s what I’ve learned.

Calling Your Servicer About Loan Mods – Is Success Possible?

Tuesday, September 8, 2009

A video released by Freddie Mac says that it is…and that having your documents all lined up and ready to go will help make things easier for you and your servicer. I think you'll agree the video over simplifies a very complicated and convoluted process and makes it appear as if the problem is with homeowners not being prepared when they call their servicer. Com see if you agree...

Create Your Own Hope Rather Than Putting It In Your Servicer

Thursday, August 6, 2009

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So now that only 15% of the servicers aren’t part of the program, you’d think we should start seeing some movement…but I wouldn’t hold my breath. If you’re dealing with your servicer right now, I’d bet my next paycheck you’re frustrated with how long it’s taking and you don’t understand how a servicer can say your loan can’t be modified even though there’s a government program that says it can. You can wrestle control of your situation back from your lender, though, and bring some hope back into what may seem like a hopeless situation...come see how.

Treasury Issues Mortgage Loan Report Card

Wednesday, August 5, 2009

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The Treasury Department releases its first monthly "report card" tracking how the various banks and mortgage companies are doing in their efforts to prevent foreclosures. The Obama administration is pressuring the mortgage industry to do more. The latest figures indicate foreclosure rates keep rising. Come listen to the NPR report and then chime in with your experience.

Home Affordable Mods Come to FHA

Tuesday, August 4, 2009

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Do you have a FHA mortgage on your home and wish you could participate in the Home Affordable Loan Modification program? Up until now, you couldn’t…but that’s changed! Come see how as well as why it's a blessing in disguise!

Will Freddie Mac’s New Effort Help You?

Monday, August 3, 2009

Regardless of whether or not you have a Freddie Mac loan you’re trying to get modified, you know servicers are way understaffed to effectively help the tens of thousands of homeowners they hear from every week. Everyone knows the servicers need more help…and now Freddie Mac is doing something to address the problem. Come to the site to see what it means for you...

Making Home Affordable Road Tour

Tuesday, June 30, 2009

Government officials are joining forces with local leaders around the country to bring a nationwide promotion of the President's Making Home Affordable program to struggling homeowners. Initially, the road show will focus on cities hardest hit by the foreclosure crisis to build awareness around the country. As part of the campaign, officials are helping train local housing counselors and community organizers to help them be more effective. Come read the rest of this article and find out if the tour is coming to a city near you.

Imminent Default – An Example

Friday, June 26, 2009

This is a follow-up to our article on determining imminent default for a Home Affordable Modification, which lists the Freddie Mac guidelines for these calculations. If you were confused by the legalese of that article, this case study may ehelp you figure out whether your lender will consider you in danger of imminent default or not.

How to Determine Imminent Default – Home Affordable Modifications

Sunday, June 21, 2009

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According to President Obama's Home Affordable Modification Program, missing payments isn't a requirement for you to qualify. As a matter of fact, one of the stated goals is to reach homeowners who are in danger of "imminent deafult." One of the problems, though, is that no one has been talking about what that actually means. For today's article, I went straight to the source...Freddie Mac...and got the answer. Now you'll know exactly how to figure out if you're in danger of imminent default from your servicer's perspective and what to do if they say you aren't.

HOPE for Homeowners Changes

Monday, June 8, 2009

On May 20, 2009, President Obama signed Senate bill 896 into law. It has many provisions meant to help stem foreclosures and deal with several problems that have developed since the HOPE for Homeowners, Home Affordable Refinances, and Home Affordable Modifications have been implemented. Your new H4H mortgage will be no more than 90% of the new appraised value of your home with the lender essentially writing down your current mortgage to that amount. Yes...this is one of the few programs that actually allows principal forgiveness.

Interviewing a Professional Hardship Letter Writer

Sunday, May 31, 2009

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Last week, I interviewed a professional hardship letter writer to get answers to homeowner-submitted questions. Becky DeGrossa has spent the last 2 years writing hardship letters for homeowners in all sorts of situations. Listen as we discuss what a legitimate hardship is, whether you have to be behind on your mortgage to get them to pay attention, using emotions to play on the heart strings of your servicer, what ABSOLUTELY MUST be in your hardship letter...and what not to put in it.

HomeSaver Forbearance from Fannie Mae

Wednesday, May 27, 2009

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Today's update is about the HomeSaver Forbearance program from Fannie Mae, which provides an additional foreclosure prevention option for you if you're ineligible for the Home Affordable Modification Program. It's available to you if you are either in default or if your default is imminent. Your servicer should offer a HomeSaver Forbearance if you have a willingness and ability to make reduced monthly payments of at least one-half of their contractual monthly payment. Visit the site to see the rest of the plan details and qualifications...

The 3 Steps Your Lender Must Take for a Home Affordable Modification

Monday, May 25, 2009

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Many people don't seem to realize that when their lenders elected to participate in the Home Affordable Modification Program (HMP), they also agreed to follow a very specific step-by-step process to get your monthly mortgage payments down to where your debt-to-income (DTI) ratio is as close as possible to 31%, without going under 31%. So while you may have created your own strategy for reaching payments that you can afford, if it doesn't follow the above steps, it won't matter how ingenious your ideas were. Find out how to join us at 9 pm EST this Thursday (May 28th) for a conference call where Todd and Becky how to write a hardship letter as well by visiting this article on the site now.

Home Affordable Deeds in Lieu and Short Sales

Friday, May 22, 2009

So what happens if your servicer says you don't qualify for a Home Affordable Modification or Refinance? The Treasury Department and HUD have added to the Making Home Affordable program to answer that question. If you're eligible for a Home Affordable Mod or Refinance but did not qualify, you need to check this out now...

Lenders for Home Affordable Modification and Refinance

Wednesday, May 20, 2009

Here's the latest list of lenders that have signed agreements with the Treasury Department to process loan modifications and refinances through the Home Affordable program. Check to see if your is one...

Home Affordability Program Adds Second Mortgages

Monday, May 18, 2009

The Obama Administration today announced details of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program, including an effort to achieve greater affordability for homeowners by lowering payments on their second mortgages. Under the Second Lien Program, when a Home Affordable Modification is initiated on a first lien, servicers participating in the Second Lien Program willautomatically reduce payments on the associated second lien according to a pre-set protocol. Read more on the site...

Make Your Lender Reconsider Your Mod Eligibility

Wednesday, May 13, 2009

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If you've been turned down for a Home Affordable Modification for a Freddie Mac mortgage, you may be able to make them reconsider your eligibility!

Mortgage Relief Online

Monday, May 11, 2009

Trying to figure out whether you qualify for a Home Affordable Loan Modification or Refinance? You're obviously not alone...we've get getting tons of questions about it on many of our blog posts. While we've been doing our best to give you the qualifications for the programs, we've unfortunately been unable to provide information specific to your situation. But a project called Mortgage Relief Online can now do that!

Six Servicers Approved–Is Yours One of Them?

Monday, April 20, 2009