Phoenix, AZ -- (SBWire) -- 05/02/2013 --Credit-Yogi would like to provide descriptions for each of the other home financing programs toward this aim:
- Making Home Affordable Program
- Home Affordable Modification Program
- Hope Now
Making Home Affordable Program
This program offers government help to stop foreclosure to those having trouble paying their mortgage. It serves those about to default on loans. The goal is to prevent foreclosure before it starts happening. They make mortgage payments for homeowners at risk and thereby avert the foreclosure process. Those at risk of defaulting on loans are served by this program, as well as those owned by Fannie May or Freddie Mac. This is a great benefit and comfort to those transitioning into homeownership in a market with great uncertainty.
Home Affordable Modification Program
This program helps out lenders that reduce interest rates to allow homeowners to make payments. Lender can offer rates as low as 2 percent. This rate maintains for five years before it can be decreased a percent per year until it reaches the previous low market rate. The lower rates can help homeowners get their finances back on track, build credit, and get household affairs back on track.
Terms include that only the borrower’s first mortgage can be financed. Those with a second mortgage qualify for primary mortgage modification assistance. This involves three trial period payments, any of which fail disqualifying the borrower for loan modification or late fees.
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Hope Now
Those who are looking around for help stopping foreclosure can find help from hope now, an organization that combines counselors, mortgage companies, investors, offering assistance and attention to desperate homeowners. Another group, called project lifeline, influenced by the undercurrent of financial upheaval in the government, helps homeowners with suffering mortgages. Private lenders collaborate to delay foreclosures and use the time to create a new affordable payment plan for delinquent mortgages.
The government is invested in changing the housing market, and will continue to influence and support these and other forming plans to help stop mortgage foreclosure.
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