Tuesday, April 24, 2012
Take your pick!
Unemployment Mortgage Assistance Program -- you simply need to be unemployed (oh, and receiving unemployment benefits)...free money.
Principal Reduction Program -- simple economic hardship (stop paying) because with a "lender match," you could receive up to $100k.
Mortgage Reinstatement Program -- for those who have "fallen behind on payments" (again, STOP paying), provides up to $20k to catch up of missed payments, back taxes, and lapsed insurance.
Transition Assistance Program -- up to $5,000 for relocation after a short sale or deed-in-lieu foreclosure...get out of that pesky home loan and live free for several (more) months.
HAMP: The Home Affordable Modification Program -- lower mortgage payments to 31 percent of pretax income; that is, if you for some reason don't want free money from other programs.
HARP: The Home Affordable Refinance Program -- if you weren't shrewd enough to wait, and took HAMP, well, you lost out on having your mortgage refinanced to lower rates...or maybe you didn't.
HAFA: The HomeAffordable Foreclosure Alternatives -- earn a foreclosure without having a "foreclosure" on your credit history...and purchase another (cheaper) home almost immediately.
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