| The Fannie Mae HomeSave plan is called Home | | | | that even if you have applied before, or are still waiting |
| Affordable Modification Plan, or HAMP. This | | | | for your answer, you can contact your bank and |
| government program is funded by $75 billion in stimulus | | | | specifically ask for this program. |
| money-your tax dollars-so don't miss out on your | | | | Eligible Loan Guideline: |
| chance to get the help you need to stay in your home. | | | | |
| This very aggressive loan workout program is | | | | 1. Primary residence only |
| designed to offer help to almost 5 million at-risk | | | | 2. Loan originated before January 1, 2009 |
| homeowners-find out if you might qualify by reading | | | | 3. Loan amount less than $729,750 for one unit |
| these guidelines. | | | | properties (higher on 2-4 units) |
| Financial Hardship Guideline: | | | | 4. Current payment exceeds 31% of monthly gross |
| | | | income (includes principal, interest, property taxes, |
| 1. Reduction in income or loss of income | | | | homeowners dues, homeowners insurance) |
| 2. Change in household circumstances | | | | 5. Experiencing financial hardship and does not have |
| 3. Increase in expenses | | | | sufficient liquid assets |
| 4. Lack of sufficient cash reserves to pay mortgage | | | | These are the basics-you can learn all the details and |
| and basic living expenses | | | | make sure you complete your application forms |
| 5. Excessive monthly debt payments and over | | | | correctly by using a handbook for homeowners. This |
| extension with creditors | | | | Fannie Mae HomeSave plan is available for all |
| 6. Other reasons for hardship | | | | borrowers who can meet the approval guidelines-learn |
| Borrowers who initiate contact and claim a financial | | | | the basics and you are on your way to secure home |
| hardship must be screened for imminent default and | | | | ownership again. |
| eligibility for Home Affordable Modification. This means | | | | |