Cape Coral residents are you facing a financial hardship? Are you unable to keep up with your current mortgage payments? Are you looking for options to keep your Cape Coral house or to short sale your house to avoid foreclosure?
There are programs available to assist Cape Coral homeowners in these situations. Have you heard about HAMP and HAFA? These acronyms are being thrown around a lot these days.
So what do HAFA and HAMP really mean to you? If you are having problems making your Cape Coral or Fort Myers mortgage payments this article should help guide you some. ~ remember that I am NOT an attorney or tax accountant; rather I am a real estate agent who works with homeowners to short sale their home or property~
The first few things to keep in mind are:
HAMP stands for Home Affordable Modification Program
This program is designed for home owners who want to keep their homes and attempt to work out a loan modification with their mortgage servicer and investor (owner of mortgage note).
You can get started with the HAMP program by clicking the link below or you can always call the Homeowner’s HOPE Hotline 1-888-995-HOPE (4673). Your mortgage servicer is going to need things like proof of income, tax returns and the actual affidavit requesting the modification.
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. (This means that investment or second homes are NOT eligible under this program *)
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.
Is your servicer participating in the HAMP program?
Keep in mind that banks are always looking at ways to keep your loan and not have to foreclose. Just because your lender does not participate in HAMP or just because you have an investment property you are hoping to modify does not mean your lender won’t work something out with you. Contact your lender directly for information to see if they have options for you.
If your lender advises you that you do not qualify for HAMP then you may qualify for a HAFA short sale or any other variation of short sale that they do offer. We can assist you with a short sale if that is the direction you choose to go. We always recommend that sellers attempt to keep their property through debt counseling, attempt a loan modification, etc but when those options don’t work for you we are here to assist you with a short sale.
Should you be thinking about a short sale contact us with any questions you may have. We have been successfully selling short sales in and around Cape Coral for several years now.
Our agents and staff are here to answer any questions you may have pertaining to selling (or buying) a short sale. Using discretion, care and professionalism we are able to assist you during this time frame. Past customers of ours will tell you that they were never made to feel bad about their situation and were always treated with respect and confidence.
Learn more about our team of short sale professionals or feel free to call us directly at (239) 542-8521.
Ready to search for available homes now? Visit our Cape Coral real estate source!
We look forward to hearing from you! If you have any questions at all give us a call!
We look forward to working with you.