TEAM CANDLER
Phone:
530-328-1926
Mobile:
530-368-1815


Fax:
530-328-1928
Email

Office:
Auburn, CA
11601 Blocker Drive
Suite 200
Auburn, CA 95603

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TEAM CANDLER
Government Programs Available for Defaulting Homeowners
•    Making Home Affordable Program
The Making Home Affordable Program, initiated on February 18th, 2009 by the Obama Administration, has been developed as a lending hand for homeowners who are undergoing difficulties fulfilling mortgage payments. By utilizing the strength of Fannie Mae and Freddie Mac, a Home Affordable Modification Program has emerged that has dropped monthly payments for nearly three to four million at-risk homeowners.
With tens of thousands of trail modifications and refinances under way and one million plus informative mailings being sent to the public, the National Outreach Campaign has established itself as a massive resource for homeowners who have shied away from the necessary aid that could potentially save their home. http://www.makinghomeaffordable.gov/pr_05262009.html
•    Recovery Act of 2009
As a means of presenting a more comprehensive method of alleviation, the Recovery Act of 2009 has three major motives; to generate tens of thousands of jobs, promote more energy-friendly homes, and assist communities and families who have been affected severely by the economic crisis. By having neighborhood stabilization programs, homelessness prevention, and community development block grants, Americans on the brink of losing their home have the chance to regain their integrity and stabilize themselves during the economic downturn.
http://portal.hud.gov/portal/page?_pageid=153,7936136&_dad=portal&_schema=PORTAL
•    Homeowner Affordability and Stability Plan
For those who may be behind on mortgage payments and want to steer away from foreclosure, the Homeowner Affordability and Stability Plan established by the Administration, is a massive program designed to help millions of homeowners.
The two primary attributes associated with this relief are:
·         The Modification feature, which concentrates on restructuring loans for those susceptible of defaulting
·      The Refinancing feature, intended for those who, even though are up to date with their mortgage payments, cannot refinance due to a drop in property value.
•    Changes to HOPE for Homeowners Program
The Helping Families Save Their Homes Act, signed May 20, 2009, reconstructs the HOPE For Homeowners Program, another legislative resource available for those who seek relief from possible foreclosure. Guidance related to these modifications is currently under development by the FH A, who plans to release their newly refined course of action in the near future.
Components of the program are:
·         Additional compensation for primary and subordinate lien holders
·         Establishing incentive payments to servicers of loans refinanced under the HOPE for Homeowner's Program, as well as originators of new HOPE for Homeowner's mortgages.
·         Reducing costs of the program to the consumer.