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Eastlake is well known for the amount of foreclosures our neighborhood has experienced. It has impacted the Nation, but it has also hit home in a hard way. We need to educate ourselves on the options we have and what we can do to stop these foreclosures and stabilize our house values. It is critical that we communicate and talk about this issue with our relatives, friends and neighbors. It is an issue that can affect us directly, or indirectly.
Fortunately, there is hope. And there are other options out there other than foreclosure.
The Obama Administration has implemented a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department and HUD.
Distressed homeowners are encouraged to contact their lenders and loan servicers directly to seek alternatives to foreclosure, but if you are experiencing difficulty communicating with your mortgage lender, there are many organizations that can help on your behalf.
Making Home Affordable
The Making Home Affordable © (MHA) Program is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy.
Homeowners can lower their monthly mortgage payments and get into more stable loans at today's low rates.
The Making Home Affordable © (MHA) Program is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy.
Homeowners can lower their monthly mortgage payments and get into more stable loans at today's low rates.
Modify or Refinance Your Loan for Lower Payments
Lower your Principal with The Principal Reduction Alternative (PRA)
Modify your Second Lien with The Second Lien Modification Program (2MP)
Lower your Principal with The Principal Reduction Alternative (PRA)
Modify your Second Lien with The Second Lien Modification Program (2MP)
Home Affordable Refinance Program (HARP) for “Underwater” Mortgages
Many homes in Eastlake are "Underwater" in this market, and you may qualify under the (HARP) program.
Learn about these MHA programs to address this concern for homeowners.
Home Affordable Refinance Program (HARP): If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. Click Here for more information.
Principal Reduction Alternative: PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home. Click Here for more information.
Treasury/FHA Second Lien Program (FHA2LP): If you have a second mortgage and the mortgage servicer of your first mortgage agrees to participate in FHA Short Refinance, you may qualify to have your second mortgage on the same home reduced or eliminated through FHA2LP. If the servicer of your second mortgage agrees to participate, the total amount of your mortgage debt after the refinance cannot exceed 115% of your home’s current value. Click Here for more information.
Assistance for Unemployed Homeowners
Home Affordable Unemployment Program (UP): If you are having a tough time making your mortgage payments because you are unemployed, you may be eligible for UP. UP provides a temporary reduction or suspension of mortgage payments for at least twelve months while you seek re-employment. Click Here for more information.
Home Affordable Unemployment Program (UP): If you are having a tough time making your mortgage payments because you are unemployed, you may be eligible for UP. UP provides a temporary reduction or suspension of mortgage payments for at least twelve months while you seek re-employment. Click Here for more information.
Emergency Homeowners’ Loan Program (EHLP), Substantially Similar States: If you live in Connecticut, Delaware, Idaho, Maryland, or Pennsylvania, Click Here for more information about EHLP assistance provided in your state.
FHA Forbearance for Unemployed Homeowners: Federal Housing Administration (FHA) requirements now require servicers to extend the forbearance period for unemployed homeowners to 12 months. The changes to FHA’s Special Forbearance Program announced in July 2011 require servicers to extend the forbearance period for FHA borrowers who qualify for the program from four months to 12 months and remove upfront hurdles to make it easier for unemployed borrowers to qualify. Click Here for more information.
Managed Exit for Borrowers
Home Affordable Foreclosure Alternatives (HAFA): If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA SM.
Home Affordable Foreclosure Alternatives (HAFA): If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA SM.
Click Here for more information.
“Redemption”is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process. Click Here for more information.
FHA-Insured Mortgages
FHA-Insured Mortgages
The Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD), is working aggressively to halt and reverse the losses represented by foreclosure. Through its National Servicing Center (NSC), FHA offers a number of various loss mitigation programs and informational resources to assist FHA-insured homeowners and home equity conversion mortgage (HECM) borrowers facing financial hardship or unemployment and whose mortgage is either in default or at risk of default.
Click Here to log onto the NSC Loss Mitigation Programs home page.
Click Here for answers to Frequently Asked Questions about FHA’s loss mitigation programs.
CONTACT FHA
FHA staff are available to help answer your questions and assist you to better understand your options as an FHA borrower under these loss mitigation programs.
FHA staff are available to help answer your questions and assist you to better understand your options as an FHA borrower under these loss mitigation programs.
There are several ways you can contact FHA for more information, including:
Call the NSC at (877) 622-8525
Call the FHA Outreach Center at 1-800-CALL FHA (800-225-5342)
Persons with hearing or speech impairments may access this number via TTY by calling the Federal Information Relay Service at (800) 877-8339.
Email the FHA Resource Center
The Online FHA Resource Center
Call the NSC at (877) 622-8525
Call the FHA Outreach Center at 1-800-CALL FHA (800-225-5342)
Persons with hearing or speech impairments may access this number via TTY by calling the Federal Information Relay Service at (800) 877-8339.
Email the FHA Resource Center
The Online FHA Resource Center
