Learn About Mortgage Help From Government

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<h1>Learn About Mortgage Help From Government</h1><strong> Author: <a href='http://www.articleseen.com/profile_Scott Jean.aspx'>Scott Jean</a></strong><br /><p>The Obama government understands that the home-owning people of the country are facing a crisis. Therefore, they are offering a mortgage help from government to one and all to overcome foreclosure blues. This would allow them to retain their homes and help them in their struggle to pay their loans. This government program is called Making Home Affordable. It aims at helping home owners modify their loan structure in a feasible manner to assure that they continue to possess their homes. The recession had brought down many companies and had resulted in people losing their jobs. This had led to many home owners fearing that the homes that they have paid for so long would be foreclosed for non-payment of dues on time. This is where the Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP) come into effect. These programs are basically mortgage help to the home owners to modify and refinance their loan in a manner to make it more affordable. These mortgage help from government programs are described here. The Home Affordable Refinance Program The Home Affordable Refinance Program or HARP as it is known is a mortgage help from government. It is designed with an aim to help all the creditworthy home owners who have been committed in paying all their mortgages on their home. HARP aims to help them refinance their mortgage to make their loan affordable. There are some eligibility criteria to be fulfilled to be eligible for this program. The following are the eligibility criteria for HARP: * The home that you have taken on a loan has to be the primary residence. * It can be a maximum of a four-unit premise. * The loan that you have taken must be conforming and guaranteed by Fanny Mae or Freddie Mac (both are government-sponsored institutions). * The EMI must have been paid regularly and has to be up-to-date. * The mortgage taken in the beginning should not be more than 125 percent of the current market value of the home against which the loan has been taken. * The final check is that the buyer must be able to pay the refinanced mortgage loan without hassles. Home Affordable Modification Program (HAMP) This mortgage help from government program aims at helping the eligible home owners to modify the mortgages they have taken and try to make them affordable to pay. The program is primarily meant to take care of those people who have been affected by the recession in some manner. For example, their income has reduced or some other issues, which have increased their expenses so much that paying their EMIs has become a problem. The eligibility criteria for HAMP are as follows: * The home that you have taken on a loan has to be the primary residence. * The loan must have started before January 1, 2009. * The initial loan taken should be less than certain amounts (specified in the website mentioned) for different sizes of house (in units). * The EMI payment being made should be more than 31 percent of the total family.</p><strong>About the Author:</strong><br />Visit this link to understand and learn more about this <a rel="nofollow" href="http://mortgagehelpfromgovernment.com">mortgage help from government</a> program. This may help finance your loan to save your home from foreclosure.<p> Article Source: <a href='http://www.articleseen.com/Article_Learn-About-Mortgage-Help-From-Government_38418.aspx'> http://www.articleseen.com/Article_Learn About Mortgage Help From Government_38418.aspx</a></p>

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Keywords : mortgage help, mortgage loan, finance, mortgage,

Category : Finance : Finance