Are You Upside Down and Frustrated!

Is your mortgage upside down? Don’t be discouraged, you’re not alone! If your mortgage has become unaffordable, there are options available for you. Many organizations have created programs to assist homeowners in your situation. The economic crisis has increased the amount of foreclosures, which as a result has decreased the value of your home.
Programs available to YOU:

*Home Affordable Modification Program (HAMP) was created by the Obama Administration to assist homeowners avoid foreclosures by modifying home loans to a level that is affordable. CHECK IT OUT! https://www.hmpadmin.com/portal/index.jsp
HAMP eligibility requirements:
Borrower eligibility is based on meeting specific criteria including:
1) Borrower is delinquent on their mortgage or faces imminent risk of default
2) property is occupied as borrower's primary residence
3) mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties.

*Home Affordable Foreclosure Alternative (HAFA) was created for homeowners who don’t qualify for HAMA with other alternative such as short sales or deed-in-lieu.

*NACA Home Save Program is one of the largest and the most effective organizations assisting homeowners fight lenders to adjust mortgages and interest rates to an affordable mortgage payment. https://www.naca.com/index_main.jsp
All of these programs are viable options to assist you in saving your home.
Some may wonder why not short sale? Well, a short sale impacts your credit the same as a foreclosure. You will not be able purchase another home for three years.
So, before you decide to short sale try to modify your loan.

Definitions
Upside down – the value is lower than your current principal balance
Short sale – the mortgage company allows you to sell the property for less than the principal balance and accepts the payment as paid in full.
Foreclosure – the legal process where the bank/lender takes possession of the property for non-payment.
Loan Modification – when the bank/lender reduces the principal balance and/or interest rate to a more affordable payment for the homeowner.

Verify WHO owns your loan?
FANNIE FannieMae.com/loanlookup or call 1-800-7FANNIE (7 am to 7 pm CST)
FREDDIE https://ww3.freddiemac.com/corporate/ or call 1-800-424-5401