[Moe Bedard]

With the new program................you can either all ready be in default or not................you would just need to show the hardship...........

Do borrowers need to be delinquent in order to qualify for a Home Affordable Modification?

No. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default, for example, because they have had or will soon have a significant increase in their mortgage payment that they cannot afford. A servicer participating in the program must screen every current borrower who contacts the servicer and meets the minimum eligibility criteria to determine if they are at risk of imminent default.


Will the Home Affordable Modification help borrowers who can easily afford their current payment but whose property value is now less than the amount they owe?

No. Home Affordable Modifications are designed to prevent foreclosures by making mortgage payments affordable for working homeowners struggling to retain homeownership. The plan is not intended to replace equity lost by home price depreciation. However, by preventing avoidable foreclosures, the plan is expected to stabilize and eventually strengthen property values which will benefit all homeowners.



Please ask questions and keep updates here in the original thread.........it makes it alot easier to follow your story for other members going through the same..............and also to be able to answer questions without having to go back and forth between threads...........