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Making Home Affordable Program Comes With Some Caveats

March 26, 2010 - Washington, D.C. - The federal government is reportedly revamping its Making Home Affordable program which was designed to save homeowners from foreclosure.

According to The Washington Post, Making Home Affordable will soon undergo changes in the hopes that it will provide foreclosure prevention help to more borrowers. Even with the changes to the program, many homeowners will still fail to qualify for the assistance and are likely to face foreclosure sometime this year.

Eligible homeowners must provide proof that they receive unemployment insurance if they do not have a job, and must also have a loan that began before January 1, 2009. You must not have missed more than 3 payments to qualify, but you are certainly permitted to apply if your property is considered "upside down."

Additionally, you must owe at least 15% more than what the house is worth. If you meet these requirements, lenders should reduce your payments for 3 to 6 months, but you must make your lower payments on-time to stay on the program.

Like many of the other programs currently in place, lenders have the ultimate decision of whether to participate and which borrowers to work with. This means that even if you appear to qualify, lower payments are not guaranteed. Additionally, be aware that participating will likely lower your credit score since your credit report will show that the entire loan was not paid off.  

If you believe you have been taken advantage of by a lender who promised to lower your payments and then went ahead with foreclosure plans, you may be eligible for a wrongful foreclosure lawsuit.

The Massachusetts wrongful foreclosure attorneys at Phillips & Garcia will fight for your rights in your foreclosure case. We are committed to protecting your best interests and your family's home and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.

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Legal Help for Wrongful Foreclosure and Seizure in Any State.  Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state. 

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