Government Sponsored Programs
Four primary government sponsored programs are presently available to assist homeowners.
The Home Affordable Modification Program (HAMP) is designed to lower a homeowner’s monthly mortgage payment by reducing their interest rates to as low as 2% for five years and extending the loan terms for up to 40 years.
The Home Affordable Refinance Program (HARP) was incepted in 2009 and is in the process of being revamped. It offers refinancing options to homeowner’s whose mortgages are “underwater” and owe more than their homes are worth.
Homeowner’s who feel they were financially injured due to errors, misrepresentations or other deficiencies in their foreclosure process, may be eligible for restitution or other remedy via an Independent Foreclosure Review.
The Government/Attorney General Settlement with the five major mortgage lenders also offers restitution to homeowners who have lost their homes to foreclosure. As part of the Settlement, $17 billion has been allotted for principle reductions and $3 billion for refinancing of mortgages.
Click below to see truthful, factual, unbiased information regarding these programs, and our interviews with the government officials who oversee them. (Must be logged in as a FREE Member.)