Seattle home owners Homes Affordable Modification resources

Seattle – Tacoma home owners want to know…

As a Seattle area short sale specialist I have helped families overcome the realization that a mortgage modification really wasn’t going to happen.  When that realization finally hits home, time turns out to be the unexpected enemy to avoiding foreclosure.  You need time in order to get your home sold.  That is something to keep in mind while you do everything that you can in order to stay in your home.

Don’t let time use you, you use time.

These are difficult times for many homeowners in the Greater Seattle area.  Of course most of us want to continue living in our family homes.  However we are uncertain where to turn to for good advice and then, interestingly, what is the reality of that advice.  Is there really hope, or just blah, blah, blah?  Or is your reality a Short Sale?  Foreclosure?

Riding in on the White Horse comes the Obama administration with the Homes Affordable Modification (HAMP) program which will allow many Seattle area homeowners to work out a modification with cooperating banks.  How well this is working will be the subject of future blogs.

The first steps toward mortgage modification would be to determine if you even qualify for the HAMP program, would be to see who owns your mortgage (your investor).  Then look at the guidelines to determine if you actually do qualify.

FannieMae-insured loans / FreddieMac-insured loans or your lender owns the loan

In order to know what your options are you need to know who owns your mortgage.  Your mortgage may be owned by the Freddie/ Fannie companies or by individual banks.  If your home mortgage is owned by Freddie/Fannie you are going to have to qualify for their programs, the HAMP guidelines are very specific as to who qualifies.

If you can’t find your mortgage at either of the sites below, your home mortgage is owned by your lender (IE.  Bank of America, Wells Fargo, etc.).  Your loan servicer’s website is the place to begin your quest for a mortgage modification.  You will be able to find a link which states what the bank needs in order to get your modification started.  It is a lot like applying for a mortgage, just a few more requirements.

Whether Fannie/ Freddie or bank owned you will be dealing with the same type of people over the phone and expect it to be the most irritating experience you could imagine.

FannieMae-insured loans

Does FNMA own my mortgage? Check here.

Am I eligible for a Homes Affordable Modification?  Answer these five questions:

Modification Evaluator for Home Affordable Modification

# HomeSaver Advance program: a HomeSaver Advance™ (HSA) is an unsecured personal loan designed to help eligible borrowers cure their first lien mortgage loan delinquencies.

FannieMae Home Affordable Modification Program (HAMP) Resources

# Making Home Affordable program

# Home Affordable Refinance program

FreddieMac-insured loans

Check to see if FreddieMac owns your loan

# Home Affordable Refinance program: Are you current on your mortgage payments?  Do you currently owe more than your home is worth? You may be able to refinance to a lower or more stable rate through a Home Affordable Refinance, part of the federal Making Home Affordable program.

# Home Affordable Modification program: Are you behind on your mortgage payments?  Current, but about to default on your payment as a result of a recent hardship?   In the foreclosure process?   You may be able to modify your loan to a lower rate through the Home Affordable Modification Program.

Contact us today for a free consultation