|
|
Information about the Making Home Affordable Program
The Making Home Affordable Program, which is the federal government's program to assist homeowners in need, consists of two components: the Home Affordable Refinance Program and the Home Affordable Modification Program. You can take steps now to determine if you might qualify for either the refinance program or the modification program. To get started, and for a complete overview of these programs, go to www.makinghomeaffordable.gov/, where you'll find a work sheet that will help you understand your situation.
Program Overview
The new government program has two options, the Home Affordable Refinance Program and the Home Affordable Modification Program.
If you are current on your mortgage payments you may qualify for a refinance.
You must first determine if your loan is owned by Fannie Mae or Freddie Mac, and you can determine that by contacting them at:
Fannie Mae: 1.800.7FANNIE (8am to 8pm ET) or www.fanniemae.com
Freddie Mac: 1.800.FREDDIE (8am to 8pm ET) or www.freddiemac.com
- Refinance is for borrowers who are current on their mortgage payments, but have found it difficult to refinance because their home has lost value, they are unable to obtain mortgage insurance or wish to refinance into a mortgage with more predictable payments. These new programs offer higher loan to value ratios than previously allowed.
SunTrust Mortgage is pleased to support the Making Home Affordable Program, which includes the Fannie Mae DU Refi Plusand Freddie Mac Relief Refinance programs. Please check with a SunTrust Mortgage Loan Officer to determine whether these programs could help you.
If you are delinquent on your mortgage payments or are facing a financial hardship, you may qualify for a modification.
The modification plan is designed to prevent foreclosures by making payments affordable for homeowners who are struggling to make their payments. If you are a SunTrust Mortgage client and you are delinquent on your mortgage payments or are facing a financial hardship, you may qualify for a modification.
|
| |
Here are some frequently asked questions we thought might be helpful to you.
Q: What should I do to get started?
A: First make sure your loan is owned by Fannie Mae or Freddie Mac by contacting:
Fannie Mae: 1.800.7FANNIE (8am to 8pm ET) or www.fanniemae.com
Freddie Mac: 1.800.FREDDIE (8am to 8pm ET) or www.freddiemac.com
Then, contact your SunTrust Mortgage Loan Officer to work together to estimate the current value of your home. If you don't know your SunTrust Mortgage Loan Officer, please click here to find one.
|
| |
Q: How do I get an estimate of my home value?
A: There are several ways you can get an idea of what your home is worth today. You can contact a local real estate professional. You can check online resources such as www.realtytrac.com or www.zillow.com. Or you can contact your SunTrust Mortgage Loan Officer, who has access to additional tools.
Q: Why do I have to know about my home value to determine if I qualify for the Home Affordable Refinance Program?
A: This is important information because the Home Affordable Refinance Program is available to clients whose high loan-to-value ratios previosly may have prevented them from refinancing. For example, if your home is now worth your mortgage amount (a loan to value ratio of 100%), you very well may qualify for this Program.
|
| |
Q: I do not have mortgage insurance now. Will I be required to get mortgage insurance on my new loan if the loan-to-value exceeds 80%?
A: No. Mortgage insurance will not be required on your new loan. However if you have mortgage insurance on your loan today, you will also have mortgage insurance on your refinanced loan, unless your new loan-to-value ratio is less than 80%.
Q. Can I get a cash-out refinance loan?
A: No, cash-out refinances are not allowed.
Q. Can I refinance my second home or investment property?
A. Yes. You can refinance your second home, investment property, or your principal residence although if Freddie Mac is the owner of your loan, some restrictions may apply.
Q: What if I don't qualify for the Home Affordable Refinance Program because I am late with my mortgage payments?
A: You should call the SunTrust Mortgage Loss Mitigation Department at 800.443.1032, Option 3 right away. You may qualify for the Home Affordable Modification Program or one of the other loan modification programs that SunTrust Mortgage offers.
Q: I have just been laid off and know I can't make my mortgage payment. What do I do?
A: If you are behind on your payments or are facing that prospect, please call the SunTrust Mortgage Loss Mitigation Department at 800.443.1032, Option 3.
Q: How can I prepare to apply to refinance with the Fannie Mae DU Refi Plus program or the Freddie Mac Relief Refinance program?
A: If you think you could be helped by the Home Affordable Refinance Program please begin to gather the information that you will need to provide to SunTrust Mortgage when you apply to refinance. This includes:
- information about the monthly gross income of your household including recent pay stubs if you receive them, or documentation of income you receive from other sources
- your most recent income tax return
- information about any other mortgage on the house
- payments on each of your credit cards if you are carrying balances from month to month, and payments on other loans such as student loans and car loans.
To view a message from the Federal Trade Comission concerning mortgage relief scams, Click Here.
|
| |
If your ability to care for your pet is being affected by financial hardship or foreclosure, please visit No Paws Left Behind, Inc. Here you can find information that can help keep your pet and your family together.
|
| |
|
Equal Housing Lender |