Keep Your Home and Stop Foreclosure

If you live in Myrtle Beach, South Carolina or anywhere in the USA there are things you can try to save your home from foreclosure.

The state of the economy is not your fault -

In Supplemental Directive 09-01, the Treasury Department (Treasury) announced the eligibility, underwriting and servicing requirements for the Home Affordable Modification Program (HAMP). Under HAMP, the servicers apply a uniform loan modification process to provide eligible borrowers with sustainable monthly payments for their first lien mortgage loans. While HAMP program guidelines are intended to reach a broad range of at-risk borrowers, it is expected that servicers will encounter situations where they are unable to approve a HAMP modification request, a HAMP modification is offered and not accepted by the borrower, or the borrower falls out of a HAMP modification. In these instances, the borrower may benefit from an alternative that helps the borrower transition to more affordable housing and avoid the stigma of a foreclosure.

HARP 2.0 - Homeowners May Be Able To Refinace To Today's Lower Interest Rates

Bank of America, Chase, Citigroup, and Wells Fargo have agreed to participate in HARP 2.0 which is a program that will allow more distressed homeowners to refinance at today's lower intgerest rates. HARP 2.0 will encourage new lenders to refinance another lenders mortgage because they will not be required to assume responsibility for underwriting deficiencies that may have occurred with the original loan.

Under HARP 2.0 homeowners may be able to refinance with a standard fixed interest rate loan to replace an adjustable rate or interest only. Details about HARP changes are to be issued November 15, 2011 but lender participation is not mandatgory and implementation will vary among lenders.

The 125% loan-to-value (LTV) cap for homeowners has been removed and replaced with LTV ratio above 80% to be eligible for a HARP refinance, as long as the loan was sold to Fannie or Freddie prior to May 31, 2009 and borrower is not delinquent on their payments.

Short Sale and Deed-in-Lieu of Foreclosure

Short sale requirements changed in 2010 and 2011 so make sure you work with someone who has knowledge of all the new requirements. Also lenders may consider a Deed-In-Lieu of Foreclosure which is basically what it says, since the lender becomes the complete deeded owner of the property you may not be released from the entire debt but a Foreclosure does not show on your credit history.

Contact your Lender to see if you qualify under Home Affordable Foreclosure Alternatives (HAFA) or contact the HAMP Support Center. Phone 1-866-939-4469

If not, you may want to try the following:

A Way To Avoid Bankruptcy

Rochester, N.Y., CBS News correspondent Priya David about the Cain family who are part of a growing group called the “near-bankrupt.”

Robert Manning, author of “Credit Card Nation” works at the Center for Consumer Financial Services promotes “... a formula that determines how much a borrower can actually repay, based on income, local cost of living and local taxes. The consumer avoids bankruptcy, and the lenders get some of their money back.”

“His innovative program is administered by two credit counseling agencies, In Charge Debt Solutions and Hope Financial. So far it's available in 25 states.”

InCharge Debt Solutions phone: 1 800 565-8953

Hope Financial phone: 800 242-0500

Myrtle Beach Real Estate | North Myrtle Beach Real Estate

Keep Your Home and Stop Foreclosure

If not, you may want to try the following: