New program may save your home from foreclosure: Principal Reduction Recast Program with Lien Extinguishment

The following is from the THDA website: 

The Tennessee Housing Development Agency’s (THDA) Principal Reduction Recast Program with Lien Extinguishment (PRRPLE) will lower monthly mortgage payments to affordable levels for eligible homeowners by providing (1) a reduction in the principal balance of their first mortgage loan, combined with a loan recast, modification, refinance or (2) principal reduction which results in a full lien extinguishment.

This program is available to qualifying homeowners who are facing a financial hardship, through no fault of their own, which resulted in a loss of income due to the death of a spouse, divorce, or underemployment.

The goal of the program is to reduce delinquencies and foreclosures by lowering mortgage payments to affordable levels for homeowners who have encountered a financial burden due to an eligible hardship, including but not limited to homeowners who are living on social security, long-term disability or other fixed income source.

If you have questions or need assistance with the PRRPLE application please call (855) 890-8073 or email PRRPLE@thda.org.

This is a great program and may save your home if you meet the criteria and if you can successfully apply.  The program expects a consumer to be able to answer questions they may not understand and assumes they know terminology they may not know.  To apply, you must scan and upload documents.  If you are a loan processor or a legal secretary it should be easy to make application by yourself; anyone else may have difficulty.

It you want help completing an application, call me.  There is no charge for my services.  I will evaluate you and see if you are eligible and if you are I will help you make application.  I can scan document for you and notarize documents and help you write letters you may need to write.  You can apply without help but your chances of successfully applying are greatly enhanced if someone who knows what they are doing helps you. I am a counselor with a HUD-approved housing counseling agency and have over 20 years of experience as a housing counselor and am good at what I do.  The agency is Woodbine Community Organization. Call me, Rod Williams, 615-850-3453.

The Home Affordable Modification Program (HAMP) will now include a "streamlined" modification.

Supplemental Directive 15-06 issued July 1, 2015 announced that The Home Affordable Modification Program (HAMP) will now include a "streamlined" modification. This new directive does not apply to GSE mortgages such as those owned or insured by Fannie Mae or Freddie Mac or VA loans or FHA loans.  Those loans are governed by different directives.  Any investor or servicing agreement that permits a servicer to offer HAMP Tier I or Hamp Tier II is encouraged to permit Streamline HAMP modifications.

This is another tool to help homeowners avoid foreclosure.  Customers who have previously been granted a HAMP Tier 1 or HAMP Tier II modification and have experienced a interest rate step-up and then again become delinquent may be eligible for the new Streamlined HAMP. This is a relaxation of a previous prohibition against multiple modification. Also, if a borrower was previously evaluated for, but not offered, a HAMP modification, they may be eligible for a Streamline HAMP.

There are a lot of variables at play in determining if one should be eligible for a modification or other program to avoid foreclosure.  If one should be eligible, then whether one actually gets the work out is a function of correctly and completely completing the paperwork.   I work for a HUD-approved housing counseling agency and have over twenty years experience as a housing counselor. There is no charge for my service.  I can evaluate you for a solution to your housing problem, and if you should be eligible for a workout, I will help you complete the Request for Mortgage Assistance.  To learn more, or to schedule an appointment call me.

Rod Williams
615-850-3453

HAMP ends this year. Don't miss out.

From Freddie Mac:

Extensions for HAMP and the Freddie Mac Streamlined Modification Among the Highlights in Guide Bulletin 2015-9

We are making several updates reflected in Freddie Mac Guide Bulletin 2015-9, including the following key highlights:

• A one-year extension of the Home Affordable Modification Program (HAMP). As a result of previous announcements made by the U.S. Department of the Treasury and the Federal Housing Finance Agency to extend HAMP, we have updated Section C65.4 of the Guide to require that all HAMP modifications have a Modification Effective Date on or before September 1, 2017, and that all evaluations for HAMP must be based on a complete Borrower Response Package submitted on or before December 31, 2016.

My Comment: I know this is only June, but sometimes to submit a package for a modification and allow time for the package to be worked can take months.  If the package sits on someone's desk and they do not get around to until your check stub or bank statement is  older than 30 days, they ask for new documents.  If the documents are not current, then they do not have a Borrower Response Package.

If you need help, don't wait!

My name is Rod Williams and I am a HUD approved housing counselor. There is no cost for my services. Many people who apply for a modification don't get it because they fail to complete a package correctly.  I can increase your chance of getting a modification.  Also, sometimes a modification is not the best option. If you have a housing problem, don't try to solve it by yourself. Call me at 615-850-3453.

HARP extended through 2016

The program known as Keep My Tennessee Home, which was Tennessee's version of the Hardest Hit Fund program ended some months ago, but there are still options available for avoiding foreclosure if you are having difficulty making your house payments.  For a review and evaluation call me.  I am a housing counselor with a HUD-approved housing counseling agency and there is no cost for my services. Rod Williams, 615-850-3453.

Below is new information about HARP, the Home Affordability Refinance Program.

Program Overview

The Federal Housing Finance Agency (FHFA) and the Department of the Treasury introduced HARP in early 2009 as part of the Obama Administration’s Making Home Affordable program. HARP provides borrowers, who may not otherwise qualify for refinancing because of declining home values or reduced access to mortgage insurance, the ability to refinance their mortgages into a lower interest rate and/or more stable mortgage product.

Homeowners Helped Since Program Inception

As of August 31, 2011, nearly 894,000 borrowers had refinanced through HARP.

HARP is only one refinancing option

HARP is only one of several refinancing options available to homeowners. Since April 2009 when HARP began, Fannie Mae and Freddie Mac have helped approximately nine million families refinance into a lower cost or more sustainable mortgage product. HARP is unique in that it is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits.

Borrower Eligibility

• The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
  http://www.FannieMae.com/loanlookup/  or calling 800-7FANNIE (8 am to 8 pm ET)
  https://ww3.FreddieMac.com/corporate/ or 800-FREDDIE (8 am to 8 pm ET)
• The program will continue to be available for loans with LTVs above 80 percent.
• Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
• Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances.

**On May 8, 2015, FHFA announced the extension of HARP through 2016.

Other Resources

www.MakingHomeAffordable.gov  or call 1-888-995-HOPE (4673)
www.KnowYourOptions.com  or www.FannieMae.com/homeowners
www.FreddieMac.com/avoidforeclosure 

Keep My TN Home ends this month!

The Keep My Tennessee Home program is running out of money and winding down.  It will not be renewed.  When it is gone, it is gone. If you have been putting off applying, don't delay any longer!

If interested in the program, call me.  I will screen you on the phone and not waste your time.

Rod Williams 615-850-3453
This is for middle Tennessee homeowners only.

Last chance for Keep My Tn Home program

The Keep My TN Home program which can provide up to $40,000 in free money to help those who have experience a housing hardship, is coming to an end very, very soon. If you think you may qualify, call me. I will evaluate you over the phone. I can speed up the process. Your best chance of getting this program before it ends is by contacting me: Rod Williams 615-850-3453. Middle Tennessee residents only.

I was the Counselor who helped Ms Phyllis Qualls-Brooks save her home. Call me and let me see if I can help you.

I was the Counselor who helped Ms Phyllis Qualls-Brooks save her home. Call me and let me see if I can help you. Rod Williams 615-850-3453