Archive for February, 2012

Get a Second Job to Catch Up on Your Payments

If you’ve decided to try to save your house but you don’t have enough money to catch up on your payments, getting a second job can be a viable option. However, this will not work for everyone. This strategy assumes that: You can find a second job, You will be able to make enough money from the second job in time to save your house, and You will be able to quit the job once you get caught up. In order for a second job to be a realistic option for you to stop foreclosure and save your house, you… Read more »

What Is the Home Affordable Modification Program?

The Home Affordable Modification Program was set up by the U.S. government to help homeowners facing foreclosure get loan modifications from their lenders. The program was supposed to prevent millions of foreclosures, but has fallen far short of that goal.

Eligibility for the Home Affordable Modification Program

In order to quality for HAMP, borrowers must have mortgages that were initiated no later than Jan. 1, 2009. The amount owed on the home cannot exceed $729,750 for a single-family home, and the mortgage being modified must be a first mortgage. There are also income requirements for getting a modification through the Home Affordable… Read more »