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1. Who is my “servicer?" Is my servicer the same as my lender or investor?
Your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan. It is possible that the owner of your mortgage also services it, however many loans are owned by groups of investors and these investors hire loan servicers to interact with homeowners on their behalf.  Many lenders also have the loan servicers handle all contact with homeowners.

Traditionally, banks used money deposited in customers' savings accounts to make loans.  They held the loans, earning the interest as homeowners repaid over time. Banks were thus limited in the number of loans they could make because they had to wait to make new ones until savings deposits grew or existing homeowners repaid their loans. Many families who wanted to own a home were unable to do so because there was not a steady supply of money for banks to lend.

Over time, banks started to turn loans into cash by pooling large groups of loans together to create mortgage backed securities that could be sold to investors such as pension funds and hedge funds.  The investors get the right to collect future payments and the bank gets cash that it can use to make more loans. Investors hire loan servicers to collect payments and interact with customers.

If you have questions about your loan, or you are behind on your payments, you should call your loan servicer at the number on your payment coupon or monthly mortgage statement.

2. Is my servicer participating in HAMP?
All servicers for loans owned or guaranteed by Fannie Mae and Freddie Mac are required to participate. Additional servicers are strongly encouraged to participate. The list of servicer participants will be updated at www.MakingHomeAffordable.com/contact_servicer.html. (See “How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?”)

3. What should I do if my servicer tells me that the investor is not participating in the Making Home Affordable Program?
Check to see if your servicer is listed on our servicer participant list at http://www.makinghomeaffordable.com/contact_servicer.html. Keep in mind that all servicers for loans owned or guaranteed by Fannie Mae and Freddie Mac are required to participate with respect to those loans. (See “How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?”)

If your servicer is on our participant list, or your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae, call your servicer back and ask to speak to a supervisor. You may also contact a HUD-approved housing counselor for assistance.

If your servicer is not participating in the Program, ask your servicer or a housing counselor about other options that may be available.

Home Affordable Refinance Program (HARP)
4. I'm current on my mortgage. Will a refinance under the Home Affordable Refinance Program (HARP) help me?
Eligible homeowners who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities.

5. How do I know if I am eligible for a refinance under HARP?
You may be eligible if:
 

6. Will refinancing lower my payments? How might HARP benefit me?
The objective of a refinance under HARP is to provide creditworthy homeowners who have shown a commitment to paying their mortgage the opportunity to get into a new mortgage with better terms.

Homeowners whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Homeowners who are paying interest only, who have a low introductory rate that will increase in the future, or who face a balloon payment may not see their current payment go down if they refinance to a fixed rate and payment. These homeowners, however, could save a great deal of money by reducing the amount of interest you pay over the life of the loan.

Refinancing into a more stable fixed-rate loan product and avoiding future mortgage payment increases would likely improve your ability to sustain your mortgage payments over the long-term. When you submit a loan application, your lender will give you a "Good Faith Estimate" and a "Truth in Lending Statement" that includes your new interest rate, mortgage payment, and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.
 

7. Will a refinance under HARP reduce the amount that I owe on my loan?
No. The objective of a refinance under HARP is to help homeowners get into more stable or more affordable loans. Refinancing will not reduce the principal amount you owe to the first lien mortgage holder or any other debt you owe. (See “How will I know if a refinance under HARP will improve the long-term affordability or stability of my loan?”)

8. How will I know if a refinance under HARP will improve the long-term affordability or stability of my loan?
When you submit a loan application, your lender will give you a "Good Faith Estimate" and a "Truth in Lending Statement"that includes your new interest rate, mortgage payment, and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.

9. How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?
Ask your mortgage lender or servicer. Also, both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Homeowners can enter information to determine if either agency owns or guaranteed the loan. This information is not a guarantee of eligibility for a refinance under HARP, as other qualifying criteria must also be met.

For Fannie Mae:
1-800-7FANNIE (8am to 8pm EST)
www.FannieMae.com/loanlookup

For Freddie Mac:
1-800-FREDDIE (8am to 8pm EST)
www.FreddieMac.com/mymortgage

10. I owe more than my property is worth. Do I still qualify for a refinance under HARP?
Eligible loans will include those where the first lien mortgage does not exceed 125% of the current market value of the property. For example, if your property is worth $200,000 but you owe $250,000 or less on your first lien mortgage you may qualify. The current market value of your property will be determined after you apply to refinance.

11. I have both a first lien and a second lien mortgage. Do I still qualify for a refinance under HARP?
As long as the amount due on the first lien mortgage is less than 125% of the value of the property, homeowners with more than one mortgage may be eligible for a refinance under HARP. Your eligibility will depend, in part, on two additional requirements:
 

• The lender that has your junior lien mortgage must agree to remain in a junior lien position.
• You must be able to demonstrate your ability to meet the new payment terms on the first lien mortgage.

12. What are the interest rate and other terms of a refinance under HARP?
The rate will be based on market rates in effect at the time of the refinance and the homeowner will be subject to any associated points and fees quoted by your lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans must have no prepayment penalties or balloon payments.

13. 13. Can I get cash out of a HARP refinance to pay other debts?
No. The Home Affordable Refinance will not return cash to the borrower for the purpose of paying other debts.

14. How do I apply for a refinance under HARP?
Call your mortgage lender, or any lender approved to do business with Fannie Mae or Freddie Mac, and ask for a Home Affordable Refinance application. The number is on your monthly mortgage bill or coupon book. Please be patient yet persistent. Your lender could be handling a large volume of inquiries about the program and it may take some time before they are ready to process your application. In the meantime, it will help your lender and speed up the application process if you gather some information and documents before you call. It will help your lender if you gather some information and documents before you call. Generally, you will need the following:
 

• Information about the monthly gross (before tax) income of all the homeowners on your loan, including recent pay stubs if you receive them, or documentation of income you receive from other sources
• Your most recent income tax return
• Information about any junior lien mortgage on the house
• Account balances and minimum monthly payments due on all of your credit cards
• Account balances and monthly payments on all your other debts such as student loans and car loans

15. I am delinquent on my mortgage. Will I qualify for a refinance under HARP?
No. Homeowners who are currently delinquent or have been more than 30 days overdue during the past 12 months generally will not qualify. Contact your servicer to see if a modification under the Home Affordable Modification Program is an option for you.

16. Will I need mortgage insurance on a HARP refinance?
If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for a refinance under HARP. If your existing loan does not have private mortgage insurance, it will not be required as part of a refinance under HARP.

17. How long will refinances under HARP be available?
The program expires on June 10, 2011. Your refinance under HARP must have a mortgage note date on or before that date.
 

Home Affordable Modification Program (HAMP)
18. Can I get a mortgage modification through the Home Affordable Modification Program (HAMP) if my loan is not owned or guaranteed by Fannie Mae or Freddie Mac?
Yes. HAMP helps homeowners who are struggling to keep their loans current or who are already behind on their mortgage payments. By providing mortgage loan servicers with financial incentives to modify existing first lien mortgages, the Treasury hopes to help homeowners avoid foreclosure regardless of who owns or guarantees the mortgage.

19. How do I know if I am eligible for a modification under the Home Affordable Modification Program (HAMP)?
To apply for a modification under HAMP, you must:
 

• Be the owner-occupant of a one- to four-unit home.
• Have an unpaid principal balance that is equal to or less than:
  • 1 Unit: $729,750
  • 2 Units: $934,200
  • 3 Units: $1,129,250
  • 4 Units: $1,403,400
• Have a first lien mortgage that was originated on or before January 1, 2009.
• Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income.
• Have a mortgage payment that is not affordable due to a financial hardship that can be documented.

If you answered YES to all of these questions, you may be eligible for a modification under HAMP. Only your servicer will be able to tell you if you qualify.

20. What if I am facing foreclosure?
Participating servicers may not refer a loan for foreclosure sale or proceed with a foreclosure sale on an eligible loan until the homeowner has been evaluated for HAMP and, if eligible, a trial modification offer has been made. Participating servicers must use reasonable efforts to contact homeowners facing foreclosure to determine their eligibility, including in-person contacts at the servicer’s discretion. Foreclosure sales may not be conducted while the loan is being considered for a modification or during the trial period. Additionally, once a homeowner has entered into a trial period plan by submitting the first trial period payment, the servicer may not take the first legal action to initiate a new foreclosure.

21. I am unemployed. Can I still get a mortgage modification?
If you are unemployed, ask your servicer immediately for consideration through the Home Affordable Unemployment Program (UP). (See “Home Affordable Unemployment Program (UP)”) for eligibility criteria and for more information.
 

• If you are currently in a HAMP trial period and just lost your job, you may request to be considered for UP as long as you entered the trial period plan before missing three full consecutive mortgage payments.
• If you are unemployed and were previously determined ineligible for a HAMP modification, you may be eligible for UP.

22. Do I need to be behind on my mortgage payments to be eligible for a modification under HAMP?
No. Responsible homeowners who are struggling to remain current on their mortgage payments are eligible if they reasonably believe they are very likely to default on their mortgage soon (often referred to by loan servicers as "imminent default"). This might be because a homeowner has had (or will have) a significant increase in the mortgage payment (due to a payment adjustment or rate adjustment upwards); unemployment or some other significant reduction in income; or some other financial hardship that will make the mortgage unaffordable. If you are facing a similar situation, contact your servicer. You will be required to document your income and expenses and provide evidence of the hardship or change in your circumstances

23. I have a junior lien mortgage. Am I still eligible for HAMP?
Yes, the first lien mortgage is eligible for a modification under HAMP. (See “Second Lien Modification Program (2MP)” for help with your 2^nd lien.)

24. How do I know if my servicer is participating in HAMP? Are all servicers required to participate?
Participation in HAMP is mandatory for servicers of loans owned or guaranteed by Fannie Mae or Freddie Mac (Government Sponsored Enterprises or GSEs). Participation in HAMP is voluntary for servicers of non-GSE loans. However, substantial incentives are available to servicers and investors who complete modifications under HAMP, and most major servicers already have committed to the Program. A current list of participating servicers is available at www.MakingHomeAffordable.gov/contact_servicer.html. Servicers not currently listed have until December 31, 2009 to opt into the Program.

Servicers of non-GSE loans sign a contract with Fannie Mae, as Treasury's financial agent, through which they agree to review every potentially eligible homeowner who asks to be considered for the Making Home Affordable Program. To ensure that a homeowner currently at risk of foreclosure has the opportunity to apply for a modification under HAMP, participating servicers may not proceed with a foreclosure sale until the homeowner has been evaluated for a HAMP modification and, if eligible, a trial modification offer has been made.

25. Why does my loan servicer have to ask the lender or investor if they can do a loan modification through HAMP?
If the organization that services your loan does not own it, your servicer may need to get permission from the owner or investor before they can change any of the terms of your loan. Generally, there is a contract between the servicer and the investor that states what kind of actions the servicer is allowed to take. Most of these contracts, usually called servicing agreements or pooling and servicing agreements (PSAs), give the servicer flexibility to make modification decisions as long as the modification provides a better financial outcome for the lender or investor than not modifying the loan.

26. What will my servicer do to determine if I qualify for HAMP?
 

• Determine whether your loan meets the minimum eligibility criteria (i.e., owner- occupied; originated on or before January 1, 2009; unpaid principal balance equal to or less the loan limit for the number of units involved, mortgage payment greater than 31% of gross income; and financial hardship).
   
• If your loan meets the minimum eligibility criteria, the servicer will ask about current income, assets and expenses, as well as any specific hardship circumstances to determine if you are unable to make your mortgage payment. Your servicer may initially accept verbal income and expense information; however, you will need to provide verifying documentation before a final modification is approved.
   
• Determine if your monthly first lien mortgage payment is greater than 31% of your gross or pre-tax monthly income.
• Apply a Net Present Value (NPV) test to determine whether the value of the loan to the investor will be greater if the loan is modified (factoring in the government's incentive payments). If the modified loan is not of greater value, the investor and servicer may still modify the loan. However, modification in such cases is not required. Please note: Your servicer may re-run the NPV test before the modification becomes official if they receive new information that could affect your NPV score.
   
• If the modified loan is of greater value, the servicer must offer you a modification under HAMP, and, if you accept the offer, will put you on a trial modification (typically three months) at the new payment level.
• If you successfully make all of the required trial payments during the trial period and the income and expense information you provided is determined to be accurate, your servicer will execute an official modification agreement.
• You will be required to sign the modification agreement and other documents and attest that all of the information you provided to your servicer was true and accurate. Misrepresenting any information required for the Home Affordable Modification is a violation of Federal law and has serious legal consequences.

27. Is the interest rate subject to change during the term of the HAMP modification?
If the modified rate is below the market rate as determined from the Freddie Mac Primary Mortgage Market Survey rate on the date the modification agreement is prepared, the modified rate will be fixed for a minimum of five years as specified in your modification agreement. Beginning in year six, the rate may increase no more than one percentage point per year until it reaches the market rate at the time the modification agreement is prepared. Your rate can never be higher than the market rate as indicated in your modification agreement. If the modified rate is at or above the market rate at the time the modification agreement is prepared, the modified rate is fixed for the life of the loan.

28. Will a modification under HAMP include property taxes and homeowners insurance?
Yes. All loans modified under HAMP must include an escrow account for payment of future property taxes and hazard insurance, unless prohibited by state law. If your existing loan does not include an escrow account, one will be established. A new escrow account may require collection of a sufficient reserve to pay the taxes and insurance on or before they are next due. The reserve amount cannot be added to the modified loan amount. The servicer may give you the option of paying the reserve amount at the time the loan is modified or the option of spreading the amount over a period of 60 months and including it in the monthly escrow payment.

29. If I don’t currently have an escrow account on my mortgage, am I still eligible for a modification under HAMP?
Yes, you are still eligible to apply for a modification under HAMP. Should you qualify for a modification and make all trial payments on time, your modification agreement with your servicer will require the servicer to set aside a portion of your new monthly payment in an escrow account for payment of your property taxes and insurance premiums.

30. If my mortgage qualifies for a modification under HAMP, will my escrow account payment change?
It might. Your escrow payment will adjust if your taxes and insurance premiums change, so the amount of your monthly payment that the servicer must place in escrow will also adjust as permitted by law.

31. What will the servicer do through HAMP to get my new modified payment down to 31% of my gross income?
 

• Lower the interest rate. Treasury is providing incentives to your servicer to write the interest down to as low as 2%, if necessary to get to a payment that you can afford. Each homeowner's interest rate will only be reduced to a point sufficient to get the modified payment to equal 31% of the homeowner's gross monthly income. Not all homeowners will need a rate reduction to 2% in order to achieve a monthly mortgage payment that is affordable.
   
• Extend the term. If a 2% interest rate does not result in a payment that is affordable (no more than 31% of your gross monthly income), your servicer will extend your payment term. At the servicer's option, the term of the loan could be extended up to 40 years.
   
• Forbear (defer) principal. If your payment is still not low enough, your servicer may defer a portion of the principal amount you owe until the maturity of the loan. This is called a principal forbearance. With a forbearance, you will still owe the principal; but repayment is deferred until a later date.

A portion of the principal could be also be forgiven. This is optional on the part of the servicer. There is no requirement for principal reduction or forgiveness, and there is no guarantee that your servicer will offer principal reduction or forgiveness.

32. I owe more than my house is worth. Will a modification under HAMP reduce what I owe?
The primary objective of the HAMP is to help homeowners avoid foreclosure by modifying troubled loans to achieve a payment the homeowner can afford. Servicers may, but are not required to, offer principal reductions. It is more likely that your servicer will use interest rate reductions and term extensions in order to make your payment more affordable.

33. What is a HAMP trial period?
The trial period is typically a three month period to see if the new payment plan will work for you, while providing you immediate relief and preventing any possible foreclosure sales from occurring. You should remember that during the trial, the terms and conditions of your original loan remain unchanged and only after you make all of your trial payments on time and send in all required documentation can your loan be officially modified.

34. Could my payment change in or after the HAMP trial period?
Your payment will be based on 31% of your verified income. Your monthly payment could increase if property taxes, homeowner’s insurance, or homeowner’s association fees increase after the trial period.

35. How will the HAMP modification affect my credit?
Accepting a loan modification can affect your credit score, but the actual effect will depend on a variety of factors. For more information about your credit score and how to improve it, visit www.ftc.gov/bcp/edu/pubs/consumer/credit/cre24.shtm.

Each month, servicers must describe to the credit reporting agencies the exact status of each mortgage. If you are current with your mortgage payments prior to the trial period and you make each trial period payment on time, your servicer must report you as current and also identify the loan as “modified under federal government plan.”

If you are delinquent (at least 30 days past the due date) prior to the trial period and the reduced payments do not bring the account current, your servicer must report the level of delinquency and also identify the loan as “modified under federal government plan.”
 

36. How will I know if my loan can be modified though HAMP?
Once your servicer confirms that you are eligible and you make all of your trial period payments on time, you will receive a modification agreement detailing the terms of the modified loan. Any difference between the amount of the trial period payments and your regular mortgage payment will be added to the balance of your loan along with any other past due amounts as permitted by your loan documents. While this will increase the total amount that you owe, it should not significantly change the amount of your modified mortgage payment as that is determined based on your total monthly gross income, not your loan balance.

37. Will the terms and conditions of the HAMP permanent modification remain fixed for the life of my loan?
Once your loan is modified, your interest rate and monthly principal and interest payment will be fixed for the life of your mortgage unless your initial modified interest rate is below current market interest rates.

If the servicer lowered your mortgage interest rate to make your payments more affordable, your initial modified interest rate could be below current market interest rates. In that case, the initial interest rate will be fixed for five years, and the amount you pay each month for principal and interest will not change for those five years or 60 months.

After five years, your interest rate will increase by 1% per year until it reaches the cap, which would equal the market interest rate being charged by mortgage lenders on the day your official modification agreement was prepared (the Freddie Mac Primary Mortgage Market Survey Rate for 30-year, fixed-rate conforming mortgages).

Once your interest rate reaches that cap, it will be fixed for the life of your loan. Like your trial period payment, your new monthly payment will also include an escrow for property taxes and hazard insurance. (See “Could my payment change in or after the trial period?”)

38. Could I end up with a balloon payment through HAMP?
Yes. If your servicer determines that a principal forbearance is required to get your monthly mortgage payment to an affordable level, the principal forbearance amount, say for example this was $20,000, would be subtracted from the amount used to calculate your monthly mortgage payment, but you would still owe the money. You would have a $20,000 balloon payment that accrues no interest and was not due until you pay off your loan, refinance or sell your house.

39. What happens if I am unable to make payments during the HAMP trial period?
Homeowners who are unable to make the required payments by the end of the trial period are not eligible for a permanent modification under HAMP. However, you may be eligible for other foreclosure prevention options offered by your servicer.

40. How much will a HAMP modification cost me?
Homeowners who qualify for a modification under HAMP will never be required to pay a modification fee or pay past-due late fees. If there are costs associated with the modification, such as payment of back taxes, your servicer will give you the option of adding them to the amount you owe on your mortgage or paying some or all of the expenses in advance. Paying these expenses in advance will reduce your new monthly payment and save interest costs over the life of your loan.

If you would like assistance from a HUD-approved housing counseling agency or are referred to a HUD-approved counselor as a condition of the modification, you will not be charged a counseling fee. Homeowners should beware of any organization that attempts to charge an upfront fee for housing counseling or modification of a delinquent loan, or any organization that claims to guarantee success.

41. Is housing counseling required for a modification under HAMP?
Homeowners, especially delinquent homeowners, are strongly encouraged to contact a HUD-approved housing counselor to help them understand all of their options and to create a workable budget plan. These services are free. Housing counseling is required, however, for homeowners whose total monthly debts are equal to or greater than 55% of their gross monthly income.

When you apply for a modification under HAMP, your servicer will analyze all of your recurring monthly expenses, including car loans, credit cards, child support, and what you will pay toward your mortgage. If the sum of all of these recurring monthly expenses is equal to or more than 55% of your gross monthly income, you must agree to participate in housing counseling provided by a HUD-approved housing counselor as a condition of getting a modification under HAMP.

42. I heard the government is providing a financial incentive to homeowners through HAMP. Is that true?
Yes. Homeowners who make timely payments on their modified loans will receive success incentives. For every month you make a payment on time, you will accrue an incentive that reduces the principal balance on your loan. If your loan ceases to be in good standing (three monthly payments are due and unpaid on the last day of the third month), no further success payments will be paid, including accrued but unpaid amounts. The incentive will be applied directly to your loan balance annually—$1,000 each year—and over five years the total principal reduction could add up to $5,000. This contribution by the Treasury is designed to help you build equity faster.

43. I do not live in the house that secures the mortgage I'd like to modify. Is this mortgage eligible for a modification under HAMP?
No. If you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible to be modified under HAMP. If you used to live in the home but you moved out, the mortgage is not eligible. Only the first lien mortgage on your primary residence is eligible. The servicer will check to see if the dwelling is your primary residence. Misrepresenting your occupancy in order to qualify for this program is a violation of Federal law and may have serious legal consequences.

44. I have a mortgage on a duplex. I live in one unit and rent the other unit. Will I still be eligible for HAMP?
Yes. Mortgages on two, three and four-unit properties are eligible as long as you live in one unit as your primary residence.

45. Can FHA or VA loans be modified under HAMP? Are all loans eligible?
Most conventional loans including prime, subprime and adjustable loans, loans owned by Fannie Mae, Freddie Mac and private investors, and most loans in mortgage backed securities are eligible for a modification under HAMP. In July 2009, FHA launched the FHA-Home Affordable Modification Program to provide assistance to borrowers to modify their mortgages to provide more affordable payments. FHA-insured first lien mortgage loans that are modified under FHA-HAMP are eligible for certain incentive payments under HAMP. The Administration is working with FHA and VA on a program that would provide for modifications consistent with the Making Home Affordable Program. Currently, loans insured or guaranteed by VA are being modified under other programs.

46. How do I apply for a modification under HAMP?
If you meet the general eligibility criteria for a modification under HAMP, you should gather the financial documentation that your servicer will need to determine if you qualify (See “What information and forms will I need in order to be considered for HAMP?”). Once you have this information, you should contact your servicer and ask to be considered for a modification under HAMP. The servicer's phone number and email address is on your monthly mortgage bill or coupon book. Please be patient yet persistent. Your servicer may be handling a large volume of inquiries about the program and it may take some time before your servicer is able to process your application.

If you would like to speak to a housing counselor, call 888-995-HOPE (4673). HUD-approved housing counselors can help you evaluate your income and expenses and understand your options, and apply to your servicer for HAMP. This counseling is FREE.

If you have already missed one or more mortgage payments and have not yet spoken to your servicer, call your servicer immediately.

47. What information and forms will I need in order to be considered for HAMP?
Recently, Treasury announced a more streamlined homeowner evaluation process. Now, in order to apply for a Home Affordable Modification, homeowners can submit proof of income (See “What proof of income will I be required to provide with my HAMP application?”) plus the following two forms:
 

• The MHA Request for Modification and Affidavit Form (RMA). This Form captures information on borrower income, expenses, subordinate liens on the property, and liquid assets. It includes a Hardship Affidavit, fraud notice, and information about the Trial Period Plan.
   
• The Internal Revenue Service (IRS) Form 4506T-EZ (Short Form Request for Individual Tax Return Transcript). This form gives permission for your mortgage servicer to request a copy of the most recent tax return you have filed with the IRS. After you have completed the form, print two copies—one for your records and one to send to your mortgage servicer.

Visit the “Request a Modification” section of MakingHomeAffordable.gov for more detailed information.

48. What proof of income will I be required to provide with my HAMP application?
Be prepared to submit a copy of your two most recent pay stubs that show year-to-date earnings. If you are self-employed, you must provide your most recent quarterly or year-to-date profit/loss statement. Visit the “Request a Modification” section of MakingHomeAffordable.gov for more detailed information. If you cannot find the required documentation, or have questions about the paperwork required, please call 888-995 HOPE (4673) and ask for “MHA HELP.”

49. I’m self-employed. How do I get a copy of my most recent quarterly or year-to-date Profit and Loss Statement?
Contact your CPA (Certified Public Accountant) or the licensed tax professional who assists you in completing your tax documentation.

50. What types of documentation would be considered reliable enough to validate “Other Earned Income” for HAMP?
Other earned income (bonus, commission, fee, housing allowances, tips, overtime) must be documented by your employer in either your paystubs or other employment paperwork/contracts. Homeowners are encouraged to work with their employers to gather this information to describe the nature of the income and the continuity of the income.

51. How do I get evidence of benefit income (e.g., social security, disability, death benefits, pension, public assistance, adoption assistance)?
You can provide a copy of benefit letters/statements, disability policy, or receipt of payments such as copies of two most recent bank statements showing electronic deposit of benefits. For additional information regarding social security, disability or death benefit income, contact Social Security directly toll-free at 1-800-772-1213 or visit their website at www.socialsecurity.gov. For all other benefits, you must contact the provider directly for additional information.

52. How do I get evidence of unemployment benefits?
Evidence of unemployment income may currently be obtained through the Department of Labor UI benefit tool, which is available at www.ows.doleta.gov/unemploy/ben_entitle.asp.
After the Home Affordable Unemployment Program (UP) becomes effective on July 1, 2010, unemployment benefits and severance pay will no longer be acceptable sources of income for HAMP consideration. (See “Home Affordable Unemployment Program (UP)” for more information about help for unemployed homeowners.)

53. My rental income was not reported on last year’s tax returns because the property was vacant. What documentation do I need to validate rental income?
In such cases where a property has recently been rented, a signed Rental Agreement contract must be provided to show: the property address, date of contract, lessees name and address, rental amount and rental period. The contract must be signed by all parties (lessor, lessee, rental agents etc.)

54. How do I get a copy of my Divorce Decree, Separation Agreement or other legal written agreements filed with a court (e.g., alimony or child support)?
Gather the information listed below and contact the Office of Vital Statistics in the state where your divorce occurred. The homepage of the state’s website will provide a link/information on how to contact the office of Vital Statistics. Generally, the documentation needed may include, but is not limited to, the following:
 

• Date of your divorce
   
• Full name of spouse
   
• Your driver’s license number
   
• Purpose for which record is needed
   
• Your name and address, together with a self-addressed, stamped envelope

55. How long will modifications under HAMP be available?
HAMP expires on December 31, 2012. Your trial modification must be in place by that date.

56. My loan is scheduled for foreclosure soon. What should I do?
Contact your servicer immediately and ask to be considered for HAMP. Servicers participating in the HAMP program are not allowed to proceed with a foreclosure sale until you have been evaluated for a modification under HAMP, and, if eligible, offer you a trial modification. You may also contact a HUD-approved housing counselor for help by calling the Homeowner’s HOPE^TM Hotline at 888-995-HOPE (4673).

Second Lien Modification Program (2MP)
57. How do I get help with my second mortgage?
The Second Lien Modification Program (2MP) is designed to work in tandem with the Home Affordable Modification Program (HAMP). Together, HAMP and 2MP create a comprehensive solution to help homeowners achieve greater affordability by lowering payments on both the 1st and 2nd liens.

58. What do I need to do to be considered for 2MP?
Under 2MP, when a homeowner’s 1st lien is modified under HAMP and the servicer of the 2nd lien is a 2MP participant, that servicer must offer to modify or provide some level of extinguishment on the borrower’s second lien. The 2MP offer will be made in reliance on the financial information provided by the homeowner in conjunction with the HAMP modification and without additional evaluation by the second lien servicer.

59. Which servicers are participating in 2MP?
At this time, Citi, Bank of America, Wells Fargo, and Chase are participating.

Home Affordable Foreclosure Alternatives Program (HAFA)
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 www.MakingHomeAffordable.com/contact_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:
  • 1 Unit: $729,750
  • 2 Units: $934,200
  • 3 Units: $1,129,250
  • 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.

• Request that your servicer consider you for UP before three full mortgage payments are due and unpaid. Visit www.MakingHomeAffordable.com/contact_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. www.MakingHomeAffordable.com/contact_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).

Home Affordable Foreclosure Alternatives Program (HAFA)
68. What other alternatives to foreclosure exist within the Making Home Affordable Program?
The Making Home Affordable Program will include additional foreclosure avoidance options through the Home Affordable Foreclosure Alternatives (HAFA) Program. The primary options available through HAFA include Short Sale and Deed-in-Lieu of Foreclosure.

69. How does the HAFA Short Sale work?
In a Short Sale, the homeowner sells the property for less than the full amount due on the
mortgage. When a homeowner qualifies for the HAFA Short Sale, the servicer approves the Short
Sale terms prior to listing the home and then accepts the payoff in full satisfaction of the mortgage.

70. How does the HAFA Deed-in-Lieu of Foreclosure work?
With the Deed-in-Lieu of Foreclosure, the homeowner voluntarily transfers ownership of the
property to the servicer in full satisfaction of the total amount due. The servicer may require that the
homeowner list and market the property before they agree to a deed-in-lieu arrangement. In order
for the Deed-in-Lieu of Foreclosure to work, the homeowner must provide a marketable title, free
and clear of other mortgages, liens, or other encumbrances.

71. How can I be considered for HAFA?
Homeowners must be evaluated for HAFA within 30 calendar days of the following:
 

• The borrower does not qualify for HAMP.
• The borrower does not successfully complete a HAMP Trial Period.
• The borrower is delinquent on a HAMP modification.
• The borrower requests a short sale or Deed-in-Lieu of Foreclosure.

Beware of Foreclosure Rescue Scams - Help Is Free!

72. What are some of the warning signs of scams or fraud?
 

• There should never be a fee for assistance with or information about the Making Home Affordable Program.
   
• Beware of any person or organization that asks you to pay an upfront fee in exchange for a counseling service or modification of a delinquent loan. Do not pay – walk away!
   
• Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
   
• Never make your mortgage payments to anyone other than your mortgage company without their approval.
   
• The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times.

73. What should I do if I’ve been scammed?
 

• First, get the help you need to avoid foreclosure. Contact your servicer immediately.
• Contact a HUD-approved housing counselor through the Homeowner’s HOPETM Hotline at 888-995-HOPE (4673).
• To learn about foreclosure rescue or loan modification scams, go to www.LoanScamAlert.org or www.ftc.gov/MoneyMatters. To file a complaint or to get free information on fraud and other consumer issues, call the Homeowner’s Hope Hotline at 1-888-995-HOPE (4673) or contact the Federal Trade Commission at www.ftc.gov/consumerprotection or 877-FTC-HELP (4357).

CON FRECUENCIA de PRESTATARIO HIZO PREGUNTAS

1. ¿Quién es mi "servicer"? ¿Es mi servicer igual que mi prestamista o el inversionista? Su servicer del préstamo es la institución financiera que reúne sus pagos de la hipoteca mensuales y es responsable de la gestión y dando cuenta de su préstamo. Es posible que el propietario de su hipoteca también lo atienda a, como muchos préstamos son poseídos por grupos de inversionistas y estos inversionistas emplean préstamo servicers para interactuar con propietarios en su beneficio. Muchos prestamistas también tienen el asidero de servicers de préstamo todo el contacto con propietarios.

Tradicionalmente, los bancos utilizaron dinero depositó en las cuentas de ahorros de clientes para hacer préstamos. Tuvieron los préstamos, ganando el interés como propietarios devolvieron con el tiempo. Los bancos así fueron limitados en el número de préstamos que podrían hacer porque tuvieron que esperar para hacer nuevos hasta que depósitos de ahorros crecieran o propietarios existentes devolvieron sus préstamos. Muchas familias que quisieron poseer que una casa pudo no hacer así porque no había un suministro constante de dinero para bancos de prestar.

Con el tiempo, los bancos comenzaron a girar préstamos en el dinero efectivo aunando los grupos grandes de préstamos para crear juntos hipoteca valores apoyados que podrían ser vendidos a inversionistas como fondos de fondos de pensiones y cercado. Los inversionistas consiguen el derecho de reunir futuros pagos y el banco consigue dinero efectivo que puede utilizar para hacer más préstamos. Los inversionistas emplean préstamo servicers para reunir pagos e interactuar con clientes.

Si tiene preguntas acerca de su préstamo, o está atrás en sus pagos, debe llamar su servicer de préstamo en el número en su cupón de pago o declaración mensual de hipoteca.

2. ¿Toma parte en mi servicer HAMP? Todo el servicers para préstamos poseyó o garantizó por Fannie Mae y Freddie Mac es requerido a participar. Servicers adicional es favorecido totalmente participar. La lista de participantes de servicer será actualizada en www.MakingHomeAffordable.com/contact_servicer.html. ¿(Vea "Cómo hago sé si mi préstamo es poseído o ha sido garantizado por Fannie Mae o Freddie Mac")?

3. ¿Qué debo hacer yo si mi servicer me dice que el inversionista no toma parte en el Hacer Programa Económico en casa? El cheque para ver si su servicer es listado en nuestra lista de participante de servicer en http://www.makinghomeaffordable.com/contact_servicer.html. Tenga presente que todo el servicers para préstamos poseído o garantizado por Fannie Mae y Freddie Mac es requerido a participar con respecto a esos préstamos. ¿(Vea "Cómo hago sé si mi préstamo es poseído o ha sido garantizado por Fannie Mae o Freddie Mac")?

Si su servicer está en nuestra lista de participante, o su hipoteca es poseída o es garantizada por Freddie Mac o Fannie Mae, llama su servicer atrás y pide hablar con un supervisor. Usted también puede contactar un HUD-APROBO que alberga a consejero para la ayuda.

Si su servicer no toma parte en el Programa, pregunte su servicer o a un consejero de envoltura acerca de otras opciones que pueden estar disponibles.

La casa Económica Refinancia Programa (ARPA) 4. Soy actual en mi hipoteca. ¿Hace un refinancia bajo el Económico en casa Refinancia Programa (ARPA) me ayuda? Los propietarios elegibles que son actuales en sus hipotecas pero han podido no aprovecharse de los tipos de interés más bajos actuales porque sus casas han disminuido en el valor, ahora pueden tener la oportunidad de refinanciar. Por un refinancia bajo ARPA, Fannie Mae y Freddie Mac permitirán el refinanciar de préstamos hipotecarios que poseen o que garantizaron en la hipoteca valores apoyados.

5. ¿Cómo sé yo si tengo derecho a para un refinancia bajo ARPA? Puede tener derecho a si:

Es el propietario-ocupante de un uno- a la casa de la cuatro-unidad. El préstamo en su propiedad es poseído o es garantizado por Fannie Mae o Freddie Mac (Vea "Cómo hago sé si mi préstamo es poseído o ha sido garantizado por Fannie Mae o Freddie Mac")? En aquel momento usted aplica, es actual en sus pagos de la hipoteca ("Corriente" generalmente medios que usted no ha sido más de 30 días tarde en su pago de la hipoteca en los últimos 12 meses; ni, si ha tenido el préstamo para menos de 12 meses, usted nunca ha perdido un pago). La cantidad que usted debe en su primera hipoteca de gravamen no excede 125% del valor de mercado actual de su propiedad. Tiene un recursos razonables los nuevos pagos de la hipoteca. El refinancia mejora el precio asequible o la estabilidad a largo plazo de su préstamo. ¿(Ve "Voluntad que refinancia más bajos mis pagos? ¿Cómo me quizás beneficie ARPA")? 6. ¿Hace refinanciar más bajo mis pagos? ¿Cómo me quizás beneficie ARPA? El objetivo de un refinancia bajo ARPA es de proporcionar a propietarios solventes que han mostrado un compromiso a pagar su hipoteca la oportunidad de entrar en una nueva hipoteca con mejores términos.

Los propietarios cuyo tipos de interés de hipoteca son mucho más altos que el precio del mercado actual debe ver una reducción inmediata en sus pagos. Los propietarios que pagan interés sólo, que tiene una tasa introductoria baja que aumentará en el futuro, o que encara un pago de globo no puede ver su pago actual baja si refinancian a una tasa y el pago fijos. Estos propietarios podrían guardar sin embargo mucho dinero reduciendo la cantidad de interés que paga sobre la vida del préstamo.

Refinanciar en un producto a tipo fijo más fijo de préstamo y evitando futuros aumentos de pago de la hipoteca hacen probable mejora su capacidad de sostener sus pagos de la hipoteca sobre el a largo plazo. Cuando usted se somete una aplicación de préstamo, su prestamista le dará una Estimación de buena fe y un "la Verdad a Prestar Declaración" que incluye su nuevo tipo de interés, el pago de la hipoteca, y la cantidad que usted pagará sobre la vida del préstamo. Compárelo a sus términos actuales del préstamo. Si no es una mejora, un refinanciar no puede tener razón para usted.

7. ¿Hace un refinancia bajo ARPA reduce la cantidad que debo en mi préstamo? No. El objetivo de un refinancia bajo ARPA es de ayudar a propietarios entran en préstamos más fijos o más económicos. Refinanciar no reducirá el principal que usted debe al primer poseedor de la hipoteca del gravamen o cualquier otra deuda que usted debe. ¿(Ve "Cómo hago sé si un refinancia bajo ARPA mejorará el precio asequible o la estabilidad a largo plazo de mi préstamo")?

8. ¿Cómo sabré yo si un refinancia bajo ARPA mejorará el precio asequible o la estabilidad a largo plazo de mi préstamo? Cuando usted se somete una aplicación de préstamo, su prestamista le dará una Estimación de buena fe y un "la Verdad a Prestar Declaración" que incluye su nuevo tipo de interés, el pago de la hipoteca, y la cantidad que usted pagará sobre la vida del préstamo. Compárelo a sus términos actuales del préstamo. Si no es una mejora, un refinanciar no puede tener razón para usted.

9. ¿Cómo sé yo si mi préstamo es poseído o ha sido garantizado por Fannie Mae o Freddie Mac? Pregunte a su sociedad hipotecaria o servicer. También, tanto Fannie Mae como Freddie Mac han establecido números telefónicos gratuitos y procesos web de sumisión para hacer estes datos disponibles. Los propietarios pueden entrar información para determinar si o agencia posee o garantizó el préstamo. Esta información no es una garantía de elegibilidad para un refinancia bajo ARPA, como otros criterios calificativos también deben ser encontrados.

Para Fannie Mae: 1-800-7FANNIE (8am a 8 P.m. EST) www.FannieMae.com/loanlookup

Para Freddie Mac: 1-800-FREDDIE (8am a 8 P.m. EST) www.FreddieMac.com/mymortgage

10. Debo más que mi propiedad vale. ¿Todavía califico yo para un refinancia bajo ARPA? Los préstamos elegibles incluirán ésos donde la primera hipoteca de gravamen no excede 125% del valor de mercado actual de la propiedad. Por ejemplo, si su propiedad vale $200.000 pero debe $250.000 o menos en su primera hipoteca de gravamen que usted puede calificar. El valor de mercado actual de su propiedad será determinado después de que aplique para refinanciar.

11. Tengo ambos un primer gravamen y una segunda hipoteca de gravamen. ¿Todavía califico yo para un refinancia bajo ARPA? Siempre que la cantidad debida en la primera hipoteca de gravamen sea menos de 125% del valor de la propiedad, los propietarios con más de una hipoteca pueden tener derecho a para un refinancia bajo ARPA. Su elegibilidad dependerá, en parte, en dos requisitos adicionales:

El prestamista que tiene su hipoteca menor de gravamen debe concordar en quedarse en una posición menor de gravamen. Debe poder demostrar su capacidad de encontrar los nuevos términos de pago en la primera hipoteca de gravamen. 12. ¿Qué es el tipo de interés y otros términos de un refinancia bajo ARPA? La tasa será basada en precios del mercado vigente en aquel momento del refinancia y el propietario será susceptible a algún punto y honorarios asociados citados por su prestamista. Los tipos de interés pueden variar a través de prestamistas y con el tiempo como precios del mercado ajustan. Los préstamos refinanciados deben tener no penas de pago por adelantado ni subir pagos.

13. 13. ¿Puedo salir dinero efectivo de un ARPA refinancia para pagar otras deudas? No. El Económico en casa Refinancia no regresará dinero efectivo al prestatario para el propósito de pagar otras deudas.

14. ¿Cómo solicito yo un refinancia bajo ARPA? Llame a su sociedad hipotecaria, o cualquier prestamista aprobó para negociar con Fannie Mae o Freddie Mac, y pedir un Económico en casa Refinancia aplicación. El número está en su cuenta mensual de hipoteca o libro de cupón. Tenga por favor paciencia todavía persistente. Su prestamista podría estar manejando un volumen grande de indagaciones acerca del programa y puede tomar algún tiempo antes que estén listos para procesar su aplicación. Mientras tanto, ayudará a su prestamista y acelerará el proceso de aplicación si reúne alguna información y los documentos antes que llame. Ayudará a su prestamista si reúne alguna información y los documentos antes que llame. Generalmente, necesitará lo Siguiente:

La información sobre la gruesa mensual (antes del impuesto) los ingresos de todos los propietarios en su préstamo, inclusive la paga reciente golpean si usted los recibe, o la documentación de los ingresos usted recibe de otras fuentes Sus la mayoría de Las Información recientes de declaración de impuestos sobre hipoteca menor de gravamen en los saldos de cuenta de la casa y mensualidades mínimas debidos en todos sus saldos de cuenta de tarjetas de crédito y mensualidades en todas sus otras deudas tal
Como estudiante presta y el coche presta 15. Soy delincuente en mi hipoteca. ¿Calificaré para un refinancia bajo ARPA? No. Propietarios que son actualmente delincuentes o han sido más de 30 días atrasados durante el por delante de 12 meses generalmente no calificará. Contacte su servicer para ver si una modificación bajo el Programa en casa de Modificación de Económico es una opción para usted.

16. ¿Necesitaré seguro de hipoteca en un ARPA refinancia? Si su préstamo existente tiene seguro privado de hipoteca, necesitará la misma cantidad de cobertura para un refinancia bajo ARPA. Si su préstamo existente no tiene seguro privado de hipoteca, no será requerido como la parte de un refinancia bajo ARPA.

17. ¿Cuánto tiempo voluntad refinancia bajo ARPA está disponible? El programa expira el 10 de junio de 2011. Su refinancia bajo ARPA debe tener una fecha de nota de hipoteca en o antes de esa fecha.

El Programa Económico en casa de la Modificación (HAMP) 18. ¿Puedo conseguir una modificación de hipoteca por el Programa en casa de Modificación de Económico (HAMP) si mi préstamo no es poseído ni es garantizado por Fannie Mae ni Freddie Mac? Sí. HAMP ayuda a propietarios que luchan por mantener su corriente de préstamos o que es ya atrás en sus pagos de la hipoteca. Proporcionando préstamo hipotecario servicers con estímulos financieros modificar existiendo primero hipotecas de gravamen, el Tesoro espera ayudar propietarios evitan ejecución de una hipoteca a pesar de que posee o garantiza la hipoteca.

19. ¿Cómo sé yo si tengo derecho a para una modificación bajo el Programa en casa de Modificación de Económico (HAMP)? Para solicitar una modificación bajo HAMP, debe:

Sea el propietario-ocupante de un uno- a la casa de la cuatro-unidad. Tenga un principal equilibrio impagado que es igual a o menos que: 1 Unidad: $729.750 2 Unidades: $934.200 3 Unidades: $1.129.250 4 Unidades: $1.403.400 Tienen una primera hipoteca de gravamen que fue originada en o antes del 1 de enero de 2009. Tenga un pago de la hipoteca mensual (inclusive impuestos, el seguro, y derechos de asociación de propietarios) más que 31% de su gruesa mensual (preimpositivo) los ingresos. Tenga un pago de la hipoteca que no es económico debido a una dificultad financiera que puede ser documentada. Si contestó SI a todas estas preguntas, puede tener derecho a para una modificación bajo HAMP. Sólo su servicer podrá decirle si califica.

20. ¿Qué si estoy frente a ejecución de una hipoteca? Participar servicers no puede referirse un préstamo para la venta de ejecución de una hipoteca ni continuar con una venta de ejecución de una hipoteca en un préstamo elegible hasta que el propietario haya sido evaluado para HAMP y, si elegible, una oferta de prueba de modificación ha sido hecha. Participar servicers debe utilizar los esfuerzos razonables para contactar a propietarios frente a ejecución de una hipoteca para determinar su elegibilidad, incluyendo contactos de en-persona en la discreción del servicer. Las ventas del ejecución de una hipoteca no pueden ser realizadas mientras el préstamo es considerado para una modificación o durante el periodo de prueba. Adicionalmente, una vez que un propietario ha entrado en un plan de periodo de prueba sometiéndose el primer pago de periodo de prueba, el servicer no puede tomar la primera acción legal para iniciar un nuevo ejecución de una hipoteca.

21. Estoy parado. ¿Todavía puedo conseguir yo una modificación de hipoteca? Si está parado, pregunta su servicer inmediatamente para consideración por el Programa en casa del Desempleo de Económico (ARRIBA). (Vea "Programa en casa de Desempleo de Económico (ARRIBA)") para criterios de elegibilidad y para más información.

Si es actualmente en un periodo de prueba de HAMP y perdió sólo su trabajo, puede solicitar para ser considerado para ARRIBA siempre que entrara el plan de periodo de prueba antes de perder tres pagos de la hipoteca consecutivos llenos. Si está parado y fue determinados anteriormente inelegible para una modificación de HAMP, puede tener derecho a para la SUBIDA. Si es actualmente en una permanente modificación de HAMP y perdió sólo su trabajo, usted no tendrá derecho a para la SUBIDA. Usted todavía puede tener derecho a para otras alternativas de ejecución de una hipoteca, inclusive las Alternativas en casa de Ejecución de una hipoteca de Económico (HAFA). Contacte por favor su servicer en seguida para más información. (Vea "Alternativas en casa de Ejecución de una hipoteca de Económico Programan (HAFA)") Mientras es evaluado para ARRIBA, servicers que ha firmado un Acuerdo de Participación de HAMP Servicer (BALNEARIO) no son permitidos referirsele al ejecución de una hipoteca ni realizar una venta de ejecución de una hipoteca. Visite www.MakingHomeAffordable.com/contact_servicer.html para averiguar si su servicer es un participante de programa.

22. ¿Debo estar atrás en mis pagos de la hipoteca de tener derecho a para una modificación bajo HAMP? No. propietarios Responsables que luchan por quedarse corriente en sus pagos de la hipoteca tienen derecho a si creen razonablemente que son muy probables de dejar de pagar en su hipoteca pronto (a menudo se refirió a por el servicers del préstamo como "defecto inminente"). Esto quizás sea porque un propietario ha tenido (o tendrá) un aumento significativo en el pago de la hipoteca (debido a un ajuste de pago o ajuste de tasa hacia arriba); el desempleo o algunas otra reducción significativa en ingresos; o algunas otra dificultad financiera que hará la hipoteca incosteable. Si está frente a una situación semejante, contacte su servicer. Será requerido a documentar sus ingresos y los gastos y proporcionar evidencia de la dificultad o el cambio en sus circunstancias

23. Tengo una hipoteca menor de gravamen. ¿Soy todavía elegible para HAMP? Sí, la primera hipoteca de gravamen tiene derecho a para una modificación bajo HAMP. (Vea "Segundo Programa (2MP)” de Modificación de Gravamen para la ayuda con su segundo gravamen).

24. ¿Cómo sé yo si mi servicer toma parte en HAMP? ¿Es requerido todo el servicers a participar? La participación en HAMP es obligatoria para el servicers de préstamos poseído o garantizado por Fannie Mae o Freddie Mac (el Gobierno Patrocinó las Empresas o GSEs). La participación en HAMP es voluntaria para el servicers de préstamos de no-GSE. Sin embargo, estímulos substanciales están disponibles al servicers e inversionistas que completan modificaciones bajo HAMP, y bajo LA MAYORIA de LOS servicers MAYORES ya han cometido al Programa. Una lista actual de participar servicers está disponible en www.MakingHomeAffordable.gov/contact_servicer.html. Servicers no listó tiene actualmente hasta optar el 31 de diciembre de 2009 en el Programa.

Servicers de préstamos de no-GSE firma un contrato con Fannie Mae, como agente financiero de Tesoro, por que concuerdan en revisar cada propietario potencialmente elegible que pide ser considerado para el Hacer Programa Económico en casa. Para asegurar que un propietario actualmente en riesgo de ejecución de una hipoteca tenga la oportunidad de solicitar una modificación bajo HAMP, participando servicers no puede continuar con una venta de ejecución de una hipoteca hasta que el propietario haya sido evaluado para una modificación de HAMP y, si elegible, una oferta de prueba de modificación ha sido hecha.

25. ¿Por qué tiene mi servicer de préstamo que preguntar el prestamista o a inversionista si pueden hacer una modificación de préstamo por HAMP? Si la organización que atiende a su préstamo no lo posee, su servicer puede necesitar para conseguir permiso del propietario o el inversionista antes que puedan cambiar cualquiera de los términos de su préstamo. Generalmente, hay un contrato entre el servicer y el inversionista que indica qué clase de acciones que el servicer es permitido tomar. La mayor parte de estos contratos, generalmente llamado atendiendo a los acuerdos o aunando y atendiendo a los acuerdos (PSAs), da la flexibilidad de servicer a hacer las decisiones de modificación siempre que la modificación proporcione un mejor resultado financiero para el prestamista o el inversionista que no modificando el préstamo.

26. ¿Qué hará mi servicer para determinar si califico para HAMP?

Determine si su préstamo encuentra los criterios mínimos de elegibilidad (es decir, el propietario- ocupó; originó en o antes del 1 de enero de 2009; principal equilibrio impagado iguala a o menos el límite de préstamo para el número de unidades implicadas, el pago de la hipoteca más que 31% de rentas brutas; y dificultad financiera). Si su préstamo encuentra los criterios mínimos de elegibilidad, el servicer preguntará por ingresos actuales, las ventajas y los gastos, así como circunstancias específicas de dificultad para determinar si puede no hacer su pago de la hipoteca. Su servicer puede aceptar inicialmente información verbal de ingresos y gasto; sin embargo, deberá proporcionar verificando documentación antes que una modificación final sea aprobada. Determine si su mensualmente primero pago de la hipoteca de gravamen es más que 31% de su gruesa o ingresos mensuales preimpositivos. Aplique un Valor neto actual (NPV) prueba para determinar si el valor del préstamo al inversionista será más grande si el préstamo es modificado (teniendo en cuenta en los incentivos económicos del gobierno). Si el préstamo modificado no es de valor más grande, el inversionista y servicer todavía pueden modificar el préstamo. Sin embargo, la modificación en tales casos no es requerida. Favor de notar: Su servicer puede reponer la prueba de NPV antes que la modificación llegue a ser funcionario si reciben nueva información que podría afectar su cuenta de NPV. Si el préstamo modificado es de valor más grande, el servicer le debe ofrecer una modificación bajo HAMP, y, si acepta la oferta, pondrále en una modificación de prueba (típicamente tres meses) en el nuevo nivel de pago. Si hace exitosamente todos los pagos de prueba necesarios durante el periodo de prueba y la información de ingresos y gasto que usted proporcionó son determinados a ser exacto, su servicer ejecutará un acuerdo oficial de modificación. Será requerido a firmar el acuerdo de modificación y otros documentos y atestiguar que toda la información que usted proporcionó a su servicer fue verdad y exacto. Distorsionar cualquier información necesaria para la Modificación en casa de Económico es una infracción de la ley Federal y tiene consecuencias legales graves. 27. ¿Es el tipo de interés sujeto cambiar durante el término de la modificación de HAMP? Si la tasa modificada está debajo del precio del mercado como determinado del Freddie Mac la tasa Primaria de Estudio de mercado de Hipoteca en la fecha que el acuerdo de modificación es preparado, la tasa modificada será fijada para un mínimo de cinco años como especificado en su acuerdo de modificación. El principio en el año seis, la tasa puede aumentar no más de un punto porcentual por año hasta que alcance el precio del mercado en aquel momento el acuerdo de modificación es preparado. Su tasa nunca puede ser más alta que el precio del mercado como indicado en su acuerdo de modificación. Si la tasa modificada está en o encima del precio del mercado en aquel momento el acuerdo de modificación es preparado, la tasa modificada es fijada para la vida del préstamo.

28. ¿Incluirá una modificación bajo HAMP seguro de impuestos sobre la propiedad inmobiliaria y a propietarios? Sí. Todos los préstamos modificados bajo HAMP deben incluir una cuenta de garantía bloqueada para el pago de futuros impuestos sobre la propiedad inmobiliaria y arriesgar seguro, a menos que prohibido por la ley del estado. Si su préstamo existente no incluye una cuenta de garantía bloqueada, uno será establecido. Una nueva cuenta de garantía bloqueada puede requerir colección de una reserva suficiente para pagar los impuestos y el seguro en o antes que sean luego debidos. La cantidad de la reserva no puede ser añadida a la cantidad modificada de préstamo. El servicer le puede dar la opción de pagar la cantidad de la reserva en aquel momento el préstamo es modificado o la opción de esparcir la cantidad sobre un período de 60 meses e inclusive ello en el mensual en caución pago.

29. ¿Si yo no tengo actualmente una cuenta de garantía bloqueada en mi hipoteca, soy yo todavía elegible para una modificación bajo HAMP? Sí, es todavía elegible solicitar una modificación bajo HAMP. Débale califica para una modificación y hace todos los pagos de prueba a la hora, su acuerdo de modificación con su servicer requerirá el servicer a apartar una porción de su nueva mensualidad en una cuenta de garantía bloqueada para el pago de sus impuestos sobre la propiedad inmobiliaria y primas de seguros.

30. ¿Si mi hipoteca califica para una modificación bajo HAMP, cambiará mi pago de cuenta de garantía bloqueada? Puede. Su en caución pago ajustará si sus impuestos y las primas de seguros cambian, así que la cantidad de su mensualidad que el servicer debe colocar en en caución también ajustará como permitido por la ley.

31. ¿Qué hará el servicer por HAMP para bajar mi nuevo pago modificado a 31% de mis rentas brutas?

Baje el tipo de interés. El tesoro proporciona estímulos a su servicer para anotar el interés a tan bajo como 2%, si necesario para llegar a un pago que usted puede proporcionar. El tipo de interés de cada propietario sólo será reducido a un punto suficiente para conseguir el pago modificado para igualar 31% de la gruesa de la propietario los ingresos mensuales. No todos los propietarios necesitarán una reducción de la tasa a 2% en lograr un pago de la hipoteca mensual que es económico. Extienda el término. Si un 2% de tipo de interés no tiene como resultado un pago que es económico (no más de 31% de su gruesa los ingresos mensuales), su servicer extenderá su término de pago. En la opción del servicer, el término del préstamo podría ser extendido hasta 40 años. Abstenga de (difiera) director. Si su pago todavía no es suficiente bajo, su servicer puede diferir una porción del principal que debe hasta la madurez del préstamo. Esto es llamado una principal tolerancia. Con una tolerancia, usted todavía deberá al director; pero la devolución es diferida hasta una fecha posterior. Una porción del director también podría ser perdonada. Esto es opcional en la parte del servicer. No hay requisito para principal reducción ni el perdón, y no hay garantía que su servicer ofrecerá principal reducción o el perdón.

32. Debo más que mi casa vale. ¿Reducirá una modificación bajo HAMP lo que debo? El objetivo primario del HAMP es de ayudar a propietarios evitan ejecución de una hipoteca modificando préstamos molestados para lograr un pago que el propietario puede proporcionar. Servicers puede, pero no es requerido a, la oferta principales reducciones. Es más probable que su servicer utilizará reducciones de tipo de interés y extensiones de término para hacer su pago más económico.

33. ¿Qué es un periodo de prueba de HAMP? El periodo de prueba es típicamente un tres período de mes de ver si el nuevo plan de pago trabajará para usted, al proporcionar usted alivio y prevenir inmediatos ventas posibles de ejecución de una hipoteca de ocurrir. Debe recordar que durante el ensayo, los términos y condiciones de su préstamo original se quedan igual y único después de que haga todos sus pagos de prueba a la hora y mande toda la documentación necesaria puede su préstamo es modificado oficialmente.

34. ¿Podría cambiar mi pago en o después del periodo de prueba de HAMP? Su pago será basado en 31% de sus ingresos verificados. Su mensualidad podría aumentar si propiedad tasa, el seguro de propietario, u honorarios de la asociación de propietario aumentan después del periodo de prueba.

35. ¿Cómo afectará la modificación de HAMP mi crédito? Aceptar una modificación de préstamo puede afectar su cuenta de crédito, pero el efecto verdadero dependerá de una variedad de factores. Para más información sobre su cuenta de crédito y cómo mejorarlo, la visita www.ftc.gov/bcp/edu/pubs/consumer/credit/cre24.shtm.

Cada mes, servicers debe describir al crédito que reportea agencias el estatus exacto de cada hipoteca. Si es actual con sus pagos de la hipoteca antes del periodo de prueba y usted hace cada pago de periodo de prueba a la hora, su servicer le debe reportear como corriente y también identificar el préstamo como "modificó bajo plan de gobierno federal".

Si es delincuente (por lo menos 30 días por delante de la fecha de vencimiento) antes del periodo de prueba y los pagos reducidos no trae la corriente de cuenta, su servicer debe reportear el nivel de delincuencia y también identificar el préstamo como "modificó bajo plan de gobierno federal".

36. ¿Cómo sabré yo si mi préstamo puede ser modificado aunque HAMP? Una vez que su servicer confirma que tiene derecho a y usted hace todos sus pagos de periodo de prueba a la hora, recibirá un acuerdo de modificación que detalla los términos del préstamo modificado. Cualquier diferencia entre la cantidad de los pagos de periodo de prueba y su pago de la hipoteca regular será añadida al equilibrio de su préstamo junto con cualquier otras cantidades debidas pasadas como permitido por sus documentos de préstamo. Mientras esto aumentará el cantidad total que usted debe, no debe cambiar apreciablemente la cantidad de su pago de la hipoteca modificado como eso es determinado basado en su suma rentas brutas mensuales, no su equilibrio de préstamo.