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Are you in danger of losing your house? Please read for info

Posted: Jan 20, 2013

If you are not already aware of the TARP (Troubled Asset Relief Program), you might not know that you may be eligible for mortgage assistance. I believe each state has been given the authority to administer their mortgage assistance programs under TARP as they see fit. Each state may have a different specific name for their program.

Thank God, I qualified, and my mortgage, property taxes, and homeowners insurance are being paid monthly by this program. It is, essentially, an interest-free loan. There are certain events which may require I pay back some or all of the principle, such as selling my home, taking out other loans, or my home no longer being my primary residence. Those payback amounts are graduated according to the timeframe in which those events happen. If no events occur within 10 years, I am no longer obligated to pay back any of the loan. Applications are assessed on a case-by-case basis. Some people do not qualify at all, some might only qualify for a certain percentage of the mortgage being paid by the program, and some may qualify for the entire mortgage to be paid.

The terms of my loan are for 2 years, pending continuation of the program. Because I'm in the poorhouse because of my ridiculously low pay as an MT, I did qualify for 100%. However, I need to apprise the program administrators of any change in my financial status. For instance, if I were fortunate enough to get a good-paying job, I may no longer qualify for any help or the program may decide to only pay a percentage of my mortgage. In my state, the program is known as The New Jersey Homekeeper Program. As I said, though, the names of the programs are different in each state.

I just saw a post today where an MT is losing her home. This is so heartbreaking. If you need help, please apply. Prayers for all of those who are struggling.

;

Can also try Making Home Affordable program...SM - Old Anon

[ In Reply To ..]
They have a mortgage payment reduction program (not a mortgage refinance). You can find out more at makinghomeaffordable.gov. This is for people whose incomes have been drastically reduced, like us. There was a representative at my bank who explained it to me and gave me the paperwork to apply. They try to get your mortgage payment reduced to about 1/3 of your gross income. Presently, mine is more than 1/2 my gross income since I was laid off from my in-house job and make exactly 1/2 of what I used to make. If you are accepted into the program and make your payments on time for 5 years, they'll knock $5000 off your mortgage principle. I'm going to do it. It can't hurt to try. You can also apply on-line or through your bank.

i was accepted 4 the home affordable program... - radMT

[ In Reply To ..]
we applied and were accepted over a year ago, maybe pushing 2 years now. I wonder if this can be done again? Since my income decreased even more...? everytime i go into BOA they are always offering me a new finance...this or that. but i just do not have the energy to listen to another big business...
btw my mortgage went from around 1200 to 860. this includes escrow. but you get the idea, my taxes have not changed etc.

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