Here are the basic eligibility requirements.
* The property is owner occupied.
*The mortgage loan is a first lien mortgage and originated on or before 1/1/2009.
*The mortgage is delinquent or default is reasonably forseeable.
*The current unpaid principal balanceequal to or less than $729,750.
*The borrower's total monthly mortgage payment exceeds 31% of his or her gross monthly income.
The lender must evaluate and offer a HAMP mod to borrower before consideration to HAFA options.
Comments
Do you realize the new program will not give the seller's money when they leave the home if they are behind which of course everyone is.