My loan is not Fannie Mae or Freddie Mac backed, can the Making Home Affordable Program help me?
The MHA and HAMP programs are designed to help homeowners with Freddie Mac and Fannie Mae backed loans only. However, there are other programs out there for homeowners who do not have loans with these institutions. Regardless of credit score or payment history, these programs are designed to help homeowners stay in their homes and avoid the foreclosure process. One of the first things a Lender will require from the borrower is a Letter of Hardship explaining the borrower’s situation and why they cannot continue with their current loan.
Many people think that appraisals and assessments are the same thing. Although they both are an attempt to determine the value of a property or home, the similarities end there.
Starting November 1, 2009, borrowers can have a little more assurance when it comes to loan modifications and how they impact credit scores negatively.
Are you wondering “how much is my house worth?” I have two answers for you. First, if you don’t really need to move, it is worth whatever you say it is. If you think, “I wouldn’t sell this house for less than $300,000,” then it is worth that much to you. If you need to sell it, though, what it is worth to you is irrelevant.
