Foreclosure is a nail-biting threat for many homeowners hit by the recession, but it is something that you can avoid if you simply take the following tips into consideration. Outline your yearly finances. It is important for you to know when you won't be able to make a payment. Create a year-long budget to see if any foreseeable problems will arise. Maintain an emergency fund. Should a sudden and unexpected event arise and your insurance won't cover it, you will at least have some money to tide you over without affecting your other obligations.
The MHA program has been in existence since February 2009, and it will expire on December 31, 2012. During that period, it is estimated that 3-4 million people will have gotten Making Home Affordable Loan Modifications and saved their homes from foreclosure. Over a million people have already saved an average of over $500.00 a month on their monthly house payments.
Fortunately, Citigroup is participating in the program; they are on the approved lender list. If you meet the application guidelines of the government program, you can apply. You will apply directly to Citigroup. There is no governmental agency where you apply, although the Department of Housing and Urban Development (HUD) can assist you with counseling, if needed.
Citigroup can work out your mortgage problems through this program. They will receive a $1000 incentive for completing this mortgage modification for you. The loss mitigation department at Citigroup does have the final approval authority, but they have the ability to do this loan modification for qualified applicants.
Now that may be out of your reach. If it is, then you have to go this route. Get a program that will help you do all the necessary paperwork perfectly. One that knows what all the different guidelines are for Making Home Affordable (MHA) or the Home Affordable Mortgage Program (HAMP) Once you have done this work, then and only then should you submit this paperwork to your mortgage lender for modification. If you just give all your information to your lender, faxing it in and trusting them to do the right thing, be prepared for a lot of heartache and sleepless nights.
The MHA program has been in existence since February 2009, and it will expire on December 31, 2012. During that period, it is estimated that 3-4 million people will have gotten Making Home Affordable Loan Modifications and saved their homes from foreclosure. Over a million people have already saved an average of over $500.00 a month on their monthly house payments.
Fortunately, Citigroup is participating in the program; they are on the approved lender list. If you meet the application guidelines of the government program, you can apply. You will apply directly to Citigroup. There is no governmental agency where you apply, although the Department of Housing and Urban Development (HUD) can assist you with counseling, if needed.
Citigroup can work out your mortgage problems through this program. They will receive a $1000 incentive for completing this mortgage modification for you. The loss mitigation department at Citigroup does have the final approval authority, but they have the ability to do this loan modification for qualified applicants.
Now that may be out of your reach. If it is, then you have to go this route. Get a program that will help you do all the necessary paperwork perfectly. One that knows what all the different guidelines are for Making Home Affordable (MHA) or the Home Affordable Mortgage Program (HAMP) Once you have done this work, then and only then should you submit this paperwork to your mortgage lender for modification. If you just give all your information to your lender, faxing it in and trusting them to do the right thing, be prepared for a lot of heartache and sleepless nights.
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