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New Incentives May Allow
Write Down Of Mortgage
0
n March 26, the U.S.
Department of Treasury
announced an expansion
to the Home Affordable
Modification Program ("HAMP").
For the first time, the U.S.
Treasury announced a process
whereby the principal balance on
Inc. continue to encourage you to
stay current on your first mortgage,
HAMP relies on national home loan
servicers and not neighborhood
and if you have a second mortgage,
lenders and brokers who have
expertise in qualifying borrowers for
home loans, we believe home loan
modifications through the HAMP
additional payments other than the
minimum required monthly payment.
program so far have been poorly
administered. If the proposed pro-
The questions below have been
gram pays local FHA lenders and
brokers for success in assisting
underwater borrowers, we believe
the program can be very successful.
1. I owe more on my house than
it is worth. Do the new changes
4. If I have a first and second
help me?
The proposed changes will
require all servicers to consider
this work?
Under the program, the govern-
allowing a write down on the prin-
cipal of your loan to an amount no
ment will pay second mortgage
holders to reduce or release their
greater than 15 percent over your
home value. This program will allow
liens to lower the total debt on your
homes to an amount no greater
homeowners to reduce the amount
than 15 percent above your home
value. This part will be tricky as
owed to a value almost equal to
your current house value so long as
mortgage on my home how will
second mortgages may be owed
substantial amounts of money
lowing the write down.
and will be paid a small amount to
reduce your second mortgage that
2. Will the credit requirements for
this reduction be too tough for
you have been paying timely each
month. At this stage, stay current
on your home mortgages, but do
not pay any extra money towards
principal on a first or second mort-
ments as we read them include
the following: a) You have to be
gage. We are here to assist you
and believe this new program has a
current on your home mortgages;
good chance of success.
Feel free to call us. ❑
b) You have to have a minimum
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large banks that are holders of
you are current on your loan pay-
ments over a three-year period fol-
me to meet?
Not likely if you are current on
your home mortgage. The require-
April 18-25
action.
tive?
The program is not scheduled to
begin until the fall of this year. Since
Detroit Free Press
Columnist
Detroit News 1
Columnist
The holder of your mortgage loan
has to want to enter into the trans-
fall of this year.
We at the Jewish Housing
Association of Metropolitan Detroit
'Rochelle
!Riley
i: Real
Rubin
credit score); c) You have to
be able to fully document your
income and meet Federal Housing
Administration (FHA) guidelines; d)
3. When and does the JHA
believe this program will be effec-
asked of us since this was released
less than three weeks ago:
Honorary Chairpersons
credit score of 500 (a very low
your mortgage may be written
down. This announced expansion of
HAMP will not be effective until the
on that as well.
If your home is underwater, we
discourage you from making any
Continuing the Brandeis University
Book Sale Tradition
The Jewish Housing Association of
Metropolitan Detroit Inc. is a nonprofit
Michigan corporation whose purpose
is to ensure that no Jewish family goes
without affordable housing and to assist
the Jewish community during this time of crisis. For information, call
(800) 458-0404 or apply online at www.jhamd.org . All services are
confidential and provided at no cost to the homeowner.
J.
Michael
Rosenberg
'Devitt
Scillian
WarAs They Knew It:
Woody Hayes,
Bo Schembechler
and America
in a Time of Unrest
Memoirs of
A Goldfish
Linda
Solomon
Rochelle
Riley
The premiere of
the photo exhibit:
Raising a Parent:
Lessons My Daughter
Show Us Your Favorite Taught Me While We
Books in Photographs
Grew Up Together
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April 15 • 2010
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