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Making Home Affordable Unemployment Forbearance

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    #1

    Making Home Affordable Unemployment Forbearance

    My mortgage is with WF - I am behind two payments (I missed April and May of this year) and just received the Notice to Accelerate which I know really means nothing. My house is upside down by about 25k, and I go for a 30 minute walk in my neighborhood and I walk by about 12 foreclosures.

    I lost my job June 25 - does the new unemployment forbearance law that went into effect Aug. 1 REQUIRE banks to give at least three months forbearance on your mortgage if you are unemployed? Thanks for any input.
    Filed C7: 03/09/09
    341: 04/30/09
    Discharged 6/30/09!!!
    Tags: None
    #2
    Housing
    http://makinghomeaffordable.gov/borrower-faqs.html#60
    This page provides general background and information on the housing programs established by Treasury under TARP. The MHA program expired on December 31, 2016, however, help may still be available through your mortgage company or through the Homeowner Assistance Fund.Consumer Fraud AlertIn the beginning of 2009, the U.S. economy was facing the fallout from a housing bubble that by some measures had doubled home prices in a period of six years. By the time the Obama Administration took office in January 2009, home prices had fallen for 30 straight months. Home values had fallen by nearly one-third. Fannie Mae and Freddie Mac had been in conservatorship for four months, and American families were struggling to buy and keep their homes.In February 2009, President Obama announced a number of steps to strengthen the housing market and help struggling homeowners avoid foreclosure. As part of this broad response to the housing crisis, Treasury, under TARP, established two central programs, Making Home Affordable® (MHA) and the Hardest Hit Fund® (HHF).In December 2016, the Making Home Affordable (MHA) program expired. Although this resource is no longer available to homeowners, help is still available. Mortgage companies will continue to offer assistance. Contact your mortgage company or lender directly to inquire about available solutions.Key FactsTreasury, under TARP, launched Making Home Affordable® (MHA), to provide mortgage relief to homeowners and prevent avoidable foreclosures.The cornerstone of MHA was the Home Affordable Modification Program (HAMP®), which permanently reduced mortgage payments to affordable levels for qualifying borrowers. MHA expanded to include a number of other specialized programs.Treasury also introduced the Hardest Hit Fund® (HHF), which helps those states hardest hit by home price declines and high unemployment to develop locally-tailored foreclosure prevention solutions.Treasury's programs are part of a wider government response designed to help homeowners, preserve communities, and keep mortgage rates affordable for families.Programs at a GlanceMaking Home Affordable® (MHA)The Making Home Affordable Program® (MHA) provided mortgage relief to homeowners to prevent avoidable foreclosures. This included the Home Affordable Modification Program (HAMP), which permanently reduced mortgage payments to affordable levels for qualifying borrowers. MHA expanded to include a number of other specialized programs. MHA helped over 1.8 million families obtain mortgage relief and avoid foreclosure. MHA expired in December 2016.Hardest Hit Fund (HHF)The Hardest Hit Fund® was created to provide targeted aid to families in states hit hard by the economic and housing market downturn. The participating states were chosen either because they are struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent since the housing market downturn.


    60. What is the Home Affordable Unemployment Program (UP)?
    The Home Affordable Unemployment Program (UP) provides homeowners a forbearance, which is a temporary period of time during which your regular monthly mortgage payment is reduced or suspended. This program will be available on or before July 1, 2010 to eligible unemployed homeowners through participating HAMP servicers. Visit https://www.MakingHomeAffordable.com..._servicer.html to find out if your servicer is a program participant and when they will make up available to homeowners.

    61. How do I know if I’m eligible for UP?
    Participating servicers are required to offer an UP forbearance plan to you if you meet the minimum eligibility criteria:

    * The mortgage loan is secured by a one- to four-unit property, one unit of which is your principal residence.
    * The mortgage loan is a first lien mortgage loan originated on or before January 1, 2009.
    * Have an unpaid principal balance of the mortgage loan that is equal to or less than:
    o 1 Unit: $729,750
    o 2 Units: $934,200
    o 3 Units: $1,129,250
    o 4 Units: $1,403,400
    * The current unpaid principal balance of the mortgage loan is equal to or less than $729,750.
    * The mortgage loan is delinquent, or default is reasonably foreseeable.
    * The mortgage loan has not been previously modified under HAMP, and you have not previously received an UP forbearance period.


    In order to be eligible, you must also:

    * Request that your servicer consider you for UP before three full mortgage payments are due and unpaid. Visit https://www.MakingHomeAffordable.com..._servicer.html to find out if your servicer is a program participant.
    * Be unemployed when you request consideration for UP, and be able to document that you will receive unemployment benefits in the month of the forbearance period effective date.
    * Your servicer may require that you have been on unemployment benefits for up to three months before your forbearance period can begin.

    62. How do I apply for UP?
    Contact your servicer immediately. You can phone, email, or write to your servicer to request an UP forbearance plan. Your servicer must be a participating HAMP servicer in order to offer the program. https://www.MakingHomeAffordable.com..._servicer.html to find out if your servicer is a program participant.

    63. How long is the UP forbearance period?
    The UP forbearance period is at least three months long. It can be extended, however, depending on investor and regulatory guidelines. Contact your servicer for more information.

    64. What happens during the UP forebearance period?
    During the UP forbearance period, your monthly mortgage payment must be reduced to no more than 31 percent of your gross monthly household income. Be sure sure to make these payments in a timely manner so as not to jeopardize your eligibility.

    65. What happens at the end of the UP forebearance period?
    If you get a new job during the forbearance period, let your servicer know. Otherwise, 30 days before your forbearance period expires, your servicer will provide you with an Initial Package so that you can request a modification through the Home Affordable Modification Program (HAMP). Return the Initial Package immediately so that the servicer can formally evaluate you for HAMP.

    66. Is UP available for my 2nd mortgage?
    No. UP can only be applied to a first mortgage.

    67. What if I’m not eligible for UP?
    If you are determined to be ineligible for HAMP, the servicer will consider you for other home retention options. If homeownership is no longer an affordable or desirable option, the servicer will consider you for additional foreclosure avoidance programs, including Home Affordable Foreclosure Alternatives Program (HAFA).

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