Home Mortgage

the home affordable modification program

On March 4, 2009 announced that the US Treasury (Treasury) details of the amendment Affordability Program (COPE), in the context of decisions Affordable Home Program. COPE is a program of loan modification to reduce crime and the monthly payments for borrowers at risk per month. Freddie Mac is delighted to play a leading role in establishing this program.

The Affordable Home Modification Program (COPE) is a key component of the house Make AffordableSM program administration . COPE creates a process established under the amended loan borrowers are in default, the risk of May before the bankruptcy or closure of their loans at a low monthly payment to 31 percent of gross monthly income have been deliberately altered.

This program, the Obama administration in the implementation of an economic stability, to contribute 7 with 9 million people.They loan program for affordable housing is 4 to 5 million and the amendment Affordable Home program will help C 3 with 4 million. This means that we will act quickly if you want your application to be processed quickly. The longer you wait, the more the gap will widen further, you can use the program!

On top of modification, short sales and refinancing picked up in the GSEs. Fannie and Freddie refinanced almost 4 million loans from November 2008 to November 2009 and more than 155,700 loans through the Home Affordable Refinance Program (HARP). Short-sales and deeds-in-lieu of foreclosure increased by 39% during Q309 to 17,400.

Interest in short sales and deeds-in-lieu of foreclosure will be going up as 2010 gains steam, with the implementation of the Home Affordable Foreclosure Alternatives (HAFA) program launching in March.

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