If you have fallen behind in your mortgage payments or are at risk of foreclosure you may be eligible for a mortgage assistance programs.
Because of the high numbers of distressed homeowners many lenders are willing to negotiate mortgage refinancing and loan modification. These two programs have helped homeowners lower monthly payments allowing millions to remain in their homes. The facilitate these home loan relief programs the government has created two initiatives; the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP). These programs are administered through mortgage lenders and provides incentives for them to work with struggling mortgage holders to reduce regular mortgage payments. These program both have basic eligibility requirements.

Home Affordable Refinance Program Eligibility

To receive a mortgage refinance with the help of the HARP you should satisfy several requirements. There are many aspects of your borrowing situation that are considered when determining your fitness for a mortgage refinance. You must be the owner of a one to four unit home. Your home loan must be guaranteed by either Fannie Mae or Freddie Mac. If you do not know whether your mortgage is guaranteed you can inquire with those agencies directly.

Whether or not you are current on your mortgage and how much you owe is important to whether or not you can refinance. To be eligible it is important that your current mortgage does not exceed 125% of the current value of your home. For instance if you owe $400,000 on a home that is valued at $350,000 you may be eligible. To find out if you are a candidate for mortgage refinance speak with your lender.

Home Affordable Modification Program Eligibility

If you are looking to have a loan modification their are several qualifications you must meet including whether or not your home has got to be your primary residence and if you owe more or less than $730,000 on it. Review guidelines also take into consideration reasons why you may currently be having trouble making regular payments including sudden increases in monthly payments, substantial reductions in income, or significant medical bills. The date that you took out your home loan and the percentage of your gross income that your mortgage payment represents are also considered when determining your fitness for a mortgage modification.

If you are having trouble with monthly payments and fear your home may be foreclosed you could be eligible for government assistance in form of mortgage refinance or mortgage modification. To learn more about eligibility require and if you qualify contact your home loan lender