Over the past two weeks, we have taken a look at several programs offered by Making Home Affordable.  Our topics included programs that will assist homeowners with lowering their mortgage payments through loan modifications and lowering your mortgage rate through refinancing options. This week we are going to discuss two options for homeowners that are unemployed: HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP) AND THE HARDEST HIT FUND (HHF).

In response to real issues facing so many Americans throughout the United States, Making Home Affordable (MHA) has designed programs to provide relief to those who are unemployed.  If you are unable to make your mortgage payment due to unemployment, you may be eligible for the Home Affordable Unemployment Program (UP).  This program can offer a temporary reduction in mortgage payments or a suspension of mortgage payments for at least three months while your are seeking re-employment. ELIGIBILITY REQUIREMENTS:

• YOU MUST BE UNEMPLOYED AND ELIGIBLE FOR UNEMPLOYMENT BENEFITS
• YOU MUST OCCUPY THE HOUSE ARE YOUR PRIMARY RESIDENCE
• YOU MUST MAKE YOUR REQUEST FOR HELP PRIOR TO MISSING THREE PAYMENTS
• YOU HAVE NOT PREVIOUSLY RECEIVED AN UNEMPLOYMENT FORBEARANCE OR HAMP MODIFICATION
• YOUR MORTGAGE CANNOT BE HELD BY FANNIE MAE OR FREDDIE MAC - THEY HAVE THEIR OWN FOREBEARANCE PROGRAMS FOR UNEMPLOYED HOMEOWNERS..CHECK WITH YOUR LENDER OR VISIT WWW.FANNIEMAE.COM OR WWW.FREDDIEMAC.COM 
• YOU OBTAINED YOUR MORTGAGE ON OR BEFORE JANUARY 1, 2009

PROGRAM AVAILABILITY:

• More than 100 HAMP-participating lenders are “REQUIRED” to offer this unemployment program to eligible homeowners
• You may be required to make a partial payment not to exceed 31% of your monthly gross (pre-tax) income including unemployment benefits
• You will be evaluated for HAMP at the end of your unemployment program forbearance plan

The next program offered for unemployed homeowners is the Hardest Hit Fund (HHF).  The Treasury is providing more than $7.6 billion in targeted aid to states with unemployment at or above the national average or with steep home value declines greater than 20% since the market meltdown.  

Areas approved to participate in HHF include Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, north Carolina, Ohio Oregon, Rhode Island, South Carolina, Tennessee and the District of Columbia. 

Although the hardest hit fund compliments Making Home Affordable Programs it is “NOT” limited to homeowners who qualify for  Making Home Affordable.  The qualifications for this programs varies from state to state.  Here are some of the basic ELIGIBILITY REQUIREMENTS:

• YOU ARE CURRENTLY UNEMPLOYED
• YOU ARE CURRENTLY SUBSTANTIALLY UNDEREMPLOYED
• YOU WERE ABLE TO MAKE MORTGAGE PAYMENTS, BUT GOT BEHIND WHILE UNEMPLOYED OR UNDEREMPLOYED
• YOU MUST BE UNEMPLOYED OR UNDEREMPLOYED RESULTING FROM AN INVOLUNTARY SEPARATION (SELF-EMPLOYED WILL BE REQUIRED TO PROVIDE ADDITIONAL DOCUMENTATION OF LOSS OF INCOME)
• YOU MUST HAVE BEEN CURRENT ON YOUR MORTGAGE PAYMENTS PRIOR TO THE PERIOD OF UNEMPLOYMENT/ UNDEREMPLOYMENT
• YOU MUST HAVE MONTHLY MORTGAGE PAYMENT(S) GREATER THAN 31% (INCLUDING ESCROW PAYMENTS) OF CURRENT MONTHLY HOUSEHOLD INCOME
• YOU CANNOT HAVE AN ACTIVE BANKRUPTCY
• YOU CANNOT HAVE LIQUID ASSETS EXCEEDING $5,000
• YOU CANNOT HAVE ANY IRS OR STATE TAX LIENS
• YOU MUST BE THE OWNER OF THE PROPERTY
• YOU MUST BE A LEGAL RESIDENT OF THE UNITED STATES
• THE PROPERTY MUST BE THE PRIMARY RESIDENCE OF APPLICANT
• THE PROPERTY MUST BE A SINGLE-FAMILY HOME, CONDOMINIUM, OR TOWNHOME; OR A TWO, THREE, OR FOUR FAMILY DWELLING UNIT (IN WHICH THE APPLICANT RESIDES IN ONE UNIT)
• THE PROPERTY MUST BE CLASSIFIED AS REAL ESTATE AND AFFIXED ON PERMANENT FOUNDATION IF IT IS A MANUFACTURED OR MOBILE HOME
• THE SUM OF ALL MORTGAGE DEBT MUST NOT BE MORE THAN 125% OF THE VALUE OF THE PROPERTY
• THE TOTAL UNPAID PRINCIPAL BALANCE, INCLUDING ALL MORTGAGES AND LINES OF CREDIT, MUST BE LESS THAN OR EQUAL TO $417,000
• YOUR LENDER MUST AGREE TO PARTICIPATE IN PROGRAM (ON ALL MORTGAGE LOANS ON PROPERTY)
• APPLICANT MAY BE REQUIRED TO PAY AN AFFORDABLE PAYMENT WHILE RECEIVING THE ASSISTANCE
• ADDITIONAL UNDERWRITING CRITERIA MAY BE ESTABLISHED WITHOUT PRIOR NOTICE 

FOR ADDITIONAL INFORMATION ON THE ELIGIBILITY REQUIREMENTS IN YOUR AREA, CONTACT YOUR LOCAL STATE AGENCY:

• ALABAMA: WWW.HARDESTHITALABAMA.COM
  
• ARIZONA: WWW.SAVEMYHOMEAZ.GOV
  
• CALIFORNIA: WWW.KEEPYOURHOMECALIFORNIA.ORG
  
• FLORIDA: WWW.FLHARDESTHITHELP.ORG
  
• GEORGIA: WWW.DCA.STATE.GA.US/HOUSING/HOMEOWNERSHIP/PROGRAMS/HARDESTHITFUND.ASP 
• ILLINOIS: WWW.IHDA.ORG 
• INDIANA: WWW.877GETHOPE.ORG 
• KENTUCKY: WWW.KYHOUSING.ORG 
• MICHIGAN: WWW.MICHIGAN.GOV/MSHDA/0,1607,7-141--235359--,00.HTML 
• MISSISSIPPI: WWW.MSHOMECORP.COM/FIRSTPAGE.HTM 
• NEVADA: WWW.NAHAC.ORG 
• NEW JERSEY: WWW.STATE.NJ.US/DCA/HMFA/HOME/FORECLOSURE/HOMEKEEPERS.HTML 
• NORTH CAROLINA: WWW.NCFORECLOSUREPREVENTION.GOV 
• OHIO: WWW.SAVETHEDREAM.OHIO.GOV 
• OREGON: WWW.OREGONHOMEOWNERHELP.ORG 
• RHODE ISLAND: WWW.HHFRI.ORG 
• SOUTH CAROLINA: WWW.SCMORTGAGEHELP.COM 
• TENNESSEE: WWW.THDA.ORG 
• WASHINGTON D.C.: WWW.DCHFA.ORG
  

TAMMIE SELDON

DISTRESSED PROPERTY EXPERT

ATLANTA PROPERTY SHOPPE AT KELLER WILLIAMS REALTY

OFFICE: 404-419-3696

FAX: 678-668-8060

WEBSITE: WWW.ATLANTAPROPERTYSHOPPE.COM

WEBSITE: WWW.MYLIFEWITHOUTFORECLOSURE.COM

EMAIL: TAMMIE@ATLANTAPROPERTYSHOPPE.COM

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