Government Programs

Every situation is different and some people will not qualify for any of these government assistance programs. If you are falling behind on your payments or are facing foreclosure, maybe the best option is to simply sell your house before it is too late.

The information below was extracted from the Housing and Urban Development or HUD website, a department of the US Federal Government.

Here is the official HUD website with all the details. Find a suitable program fitting to your situation!

Here is a summary of the information and programs currently available:

Modify or Refinance Your Loan for Lower Payments

  • Home Affordable Modification Program (HAMP): HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable.
  • Principal Reduction Alternative (PRA): 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.
  • Second Lien Modification Program (2MP): If your first mortgage was permanently modified under HAMP SM and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage under 2MP.
  • 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.

Underwater Mortgages

In today's housing market, many homeowners have experienced a decrease in their home's value. 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.
  • 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.
  • 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 the current value of your home.

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.
  • Emergency Homeowner Loan Program (EHLP)
  • FHA Special Forbearance: If you are having difficulty making mortgage payments because you are unemployed and have no other sources of income, you may be eligible for FHA's Special Forbearance. FHA now requires servicers to extend the forbearance period, by offering a reduced or suspended mortgage payment.

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.
  • 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.

The worst possible outcome for borrowers in financial trouble is to simply do nothing and allow your lender to take your house in a foreclosure process and sell it on the open market in a public auction. Foreclosure will remain on your credit for 7 years, likely preventing you from returning to homeownership until then.


Why not consider selling your house to us?

  • Remain in control of your situation, leave with dignity, on your terms
  • Get your equity out
  • No need to make repairs
  • We pay fair market prices
  • We pay cash and can close quickly, in a few days if required to beat the auction
  • Call now to hear what our no-obligation offer would be for your house

About Us

Elegant Property Buyers, Inc.


We are a professional real estate development company buying, rehabbing and selling property all over the USA. Now you can benefit from our decades of experience.


EPB
Elegant Property Buyers, Inc.
25 Crescent Drive A-220
Pleasant Hill, CA 94523 USA
415.516.7478 Office
 
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