Loan Modification Options for Homeowners in Distress

There is so much happening these days with ways homeowners can try and modify their current homes. Yes, even second homes and investments. Before anyone opts to short sell their home or let it go into foreclosure it is imperative you educate yourself and not put your home and financial future in the hands of someone else without at least knowing the basics. Having someone to help walk you through it and be a professional reference is the second step after education.

Are you familiar with the following programs to modify your home? If not, get educated.
HARP - Home Affordable Refinance Plan
HAFA - Home Affordable Foreclosure Alternatives Program
HAMP - Home Affordable Modification Plan
2MP - Second Lien Holder Modification Plan
UP - Home Affordable Unemployment Plan

Find the Questions and Answers for these programs straight from the Government
http://makinghomeaffordable.gov/borrower-faqs.html#2

Most of these programs were designed for Fannie Mae or Freddie Mac backed loans but there's good news! Now HAFA for the NON-GSE's (Government Sponsored Enterprises) has been released as of August 1, 2010!

What got most of the country in trouble over the past 5 years was the mindset that everyone else is doing it so why not us? "It's easy to jump right in and become an investor and flip homes and make a ton of cash." "I'll just take cash out own my current home and buy 3 more then flip them." "I didn't read the contract because I trusted my lender/real estate agent". Don't repeat the same mistake and lose your home. Owning a home is a big responsibility and a bigger impact on your financial future so don't go in with blinders on.

It's not going to be fun and it's not going to be comfortable. But it's necessary.

Familiarize yourself with the facts and then find a knowledgeable Real Estate Agent or Lender to help guide you the rest of the way. And of course call or email me if you have any further questions or topics you would like me to research for you and post here on my blog.

As always it is my pleasure to be of service to you,

Heather Etchings, REALTOR® 
Realty One Group - Direct: 702-277-7071
Proud Recipient of the Las Vegas Chamber of Commerce "Customer Service Excellence Award"