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Basic home mortgage loan or 203(b) loan: The 203(b) loan is the FHA’s main home loan program for buying a home or refinancing. These loans come with fixed and adjustable-rate options, as well as ...
If you have a government-backed loan like an FHA, VA or USDA loan, those programs have separate loan modification options you can pursue. Some of the eligibility requirements for the program ...
FHA loan modification: There are a few options for an FHA loan modification, including an interest-free loan for up to 30 percent of your balance or a 40-year loan extension.
Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash-for-keys negotiation, a partial claim loan, repayment plan, forbearance, or other loan work ...
The program was built as collaboration with banks, services, credit unions, the FHA, the VA, the USDA and the Federal Housing Finance Agency, to create standard loan modification guidelines for lenders to take into consideration when evaluating a borrower for a potential loan modification. Over 110 major lenders have already signed onto the ...
The Flex Modification program is open to borrowers who meet eligibility requirements. In order to get your mortgage modified through the program, you must:
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
Similarly, you might be able to get a partial claim. This interest-free loan from the U.S. Department of Housing and Urban Development (HUD) bundles up your missed payments and gives you a way to ...