Struggling With a Mortgage?

A Schaumburg Foreclosure Lawyer Can Explain How the Obama Home Affordable Program Might Benefit You

Every day, homeowners around the country struggle to keep up with mortgage payments or face foreclosure. Threatening phone calls and letters from creditors, foreclosure notices and collection lawsuits can be overwhelming. If you fear you may lose your home, learn about all of your debt relief options, including President Obama’s Home Affordable Program, from an experienced Schaumburg foreclosure attorney at U.S. Law Attorneys, Ltd.

What Is the Home Affordable Program?

The Making Home Affordable Program helps troubled homeowners in several different ways:

• Qualified homeowners can modify their first and second mortgage loans through the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP)
• Qualified homeowners can refinance loans through the Home Affordable Refinance Program (HARP)
• Unemployed homeowners can receive temporary assistance through the Home Affordable Unemployment Program (UP)
• Qualified homeowners can complete a short sale or deed-in-lieu to avoid foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA)

Determining which of the above programs you qualify for and which would benefit you the most can be tricky. Let a knowledgeable Schaumburg foreclosure lawyer help you decide how best to protect your home and regain control of your finances.

Modifying Your Mortgage Loan

The Home Affordable Modification Program (HAMP) allows qualified homeowners to modify the terms of their mortgage loan, such as adjusting the interest rate or length of the loan. Eligibility requirements include:

• Being behind on your mortgage or being at immediate risk of default
• Property must be the borrower’s primary residence
• Loan was taken out on or before Jan. 1, 2009, and does not have an unpaid principal balance of more than $729,750 for one-unit properties
• Mortgage payment is more than 31% of your gross income and represents a financial hardship that can be documented

The modification process can be complicated. Failing to provide all required documentation or completing a form incorrectly can stall or derail your loan modification. Moreover, not all lenders participate in HAMP. Talk to an experienced Schaumburg foreclosure attorney to determine if HAMP might benefit you and for assistance with the modification process.

Refinancing Your Loan

You may be eligible to refinance your loan under HARP if:

• The loan is for your primary residence
• Freddie Mac or Fannie Mae guarantees your loan
• You are current on your mortgage payments
• The amount you owe does not exceed 125% of the current market value of your home
• You can afford the new mortgage payments

To learn more about HARP and if it would benefit you, speak with a qualified Schaumburg foreclosure lawyer today.

Do not continue struggling with your mortgage payments or other debts. Relief may be available under the Home Affordable Program, or if you do not qualify for a modification or refinancing, bankruptcy may be the right choice for you. Contact our Schaumburg foreclosure lawyers today for a free consultation to learn about all of your debt relief options. You deserve to get your life back.