Helpful Resources
*New* Apply Online for Assistance - Easy to use, quick response.
Foreclosure Scams - Borrower Beware - Warning signs of scams, tips to avoid scams, reporting a scam.
Making Home Affordable 2009 - Summary - Easy to understand summary of President Obama's new plan.
List of Lenders and Servicers - Comprehensive list of lenders and servicers that NHSGC works with (added to daily).
Tips for Avoiding Foreclosure - Learn how to avoid foreclosure and what to do if experiencing difficulty.
Timeline of Delinquency, Default and Forelcosure - see a map of the timing process from start to finish.
Ohio Home Rescue Fund - Financial assistance to help you keep your home.
Cuyahoga County Foreclosure Prevention Initiative
Making Home Affordable Plan 2009
A summary provided by:
Neighborhood Housing Services of Greater Cleveland
5700 Broadway Avenue
Cleveland, Ohio 44127
216-458-HOME (4663)
www.nhscleveland.org
Refinance Program
Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.
Eligibility
You may be eligible if you answer “yes” to all of the following questions;
1. Is your home your primary residence?
2. Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
Fannie Mae
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/homeaffordable
Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/avoidforeclosure/
3. Are you current on your mortgage payments? (“Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months. )
4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?
Next Steps
The next step is to gather the information you will need to provide to your lender. This includes:
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Your most recent income tax return.
- Information about any second mortgage on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
After you have this information, you should call a HUD-approved counselor at NHS of Greater Cleveland at 216.458.4663 and ask about the Home Affordable Refinance application process. The number is on your monthly mortgage bill or coupon book. .
Modification Program
If you can no longer afford to make your monthly loan payments, either because your interest rate has increased or you have less income or you are experiencing a hardship that has increased your expenses (like medical bills), you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.
Eligibility
You may be eligible if you answer “yes” to all of the following questions;
1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage because of a hardship? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
4. Did you get your current mortgage before January 1, 2009?
Next Steps
The next step is to gather the information you will need to provide to your lender. This includes:
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Your most recent income tax return.
- Information about your assets
- Information about any second mortgage on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- A hardship letter describing the circumstances that caused you to fall behind in payments
After you have this information, you should call a HUD-approved counselor at NHS of Greater Cleveland at 216.458.4663 for free assistance in communicating with your lender to be considered for a Home Affordable Modification.
For easy to understand examples of the above programs click here:
Making Home Affordable Example Sheet
Apply for assistance in avoiding foreclosure here.
