Under the Making Home Affordable (MHA) a new tier of qualifications will be released starting June of this year 2012. It will help expand eligibility to struggling homeowners. In this article we will also review updated changes to the Unemployment assistance called UP.
Initially the Making Home Affordable assistance program was scheduled to end this year in December 2012, but the program has been extended to the end of 2013. People who may have been declined for HAMP/MHA programs may find assistance under the tier 2 level of eligibility.
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Let's review some of the key points to the tier 2 program under Making Home Affordable:
1) Homeowners who may have defaulted on HAMP tier 1 program can apply under tier 2. Currently if you default under MHA/HAMP you are not eligible to reapply under that program. This will enable homeowners who may have default or not qualified for tier 1.
2) If you own rental property under tier 2 you will be able to apply for assistance, there are other guidelines and restrictions, but currently if you are current on an investment you cannot apply for assistance under HAMP/MHA.
3) IF you lost good standing under the HAMP/MHA tier 1 program and it has been over a year since you last modified the loan, you may now qualify for help under the new tier 2.
The tier 2 program does not go into effect until June 2012, however, lenders may start proactively qualify homeowners who have already defaulted under HAMP.
Remember this program Making Home Affordable is for non government backed loans, meaning if your loan is backed by Fannie Mae or Freddie Mac this will not apply to you. However, there are consist changes under Fannie Mae and Freddie Mac programs that you may not be aware of.
WE can caution homeowners to only work with their lender directly or work with a licensed and in good standing Attorney in your area.
The best solution to one's problems is to tackle them head on and inform yourself to the best of your ability. This will ensure you are not being taken and knowledge is power. Waiting is the worst thing you can do if you are in serious financial distress. There are many programs available and if you are in serious financial trouble you may want to seek a bankruptcy attorney in your local area.
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