Friday, May 8, 2009

Having Difficulty Paying Your Mortgage?

From Jennifer Ames, top-producing Coldwell Banker agent, on her Live & Play in Chicago blog:

If you are having difficulty paying your mortgage, you may be eligible for relief through the new federal Making Home Affordable (MHA) program. This service can aid qualified homeowners by helping them refinance to a new loan or by modifying their existing loan.

To qualify for MHA refinancing, you must:
* Have a loan that is owned or guaranteed by Fannie Mae or Freddie Mac.
* Be current on your mortgage payments.
* Have a mortgage balance that does not exceed 105% of your home’s current value.

To qualify for MHA loan modification, you must:
* Use the home as your primary residence
* Owe no more than $729,750 on your first mortgage
* Have trouble paying your mortgage
* Have obtained your mortgage before January 1, 2009
* Have payments on your first mortgage that are more than 31% of your current gross income.

If you think you qualify for either program based on the above information and are interested in proceeding, visit the MHA website and then contact your loan officer. The MHA program ends on June 10, 2010.

For more details, see Jenny's original post here.

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