What to Expect from Making Home Affordable
Getting help through the MHA program requires some effort. Homeowners who prepare are far more likely to get their most positive outcome. So expect to spend some time at MakingHomeAffordable.gov learning about your options, your eligibility and the steps you must take to apply for assistance. Learn all you can and become familiar with the features of the programs offered. Find the one you think fits your situation best. The time you spend on this site could pay big dividends for your future as a homeowner.
What to Expect from Your Mortgage Company
Some of the effort that will be required of you is a commitment to assist your mortgage servicer in every way you can. Your mortgage servicer wants to find a way to keep you in your home. Giving you a loan modification brings them lower returns but the cost is far less than a foreclosure would cost them. So your mortgage servicer's biggest concern is whether you can comfortably pay the new modified payments. In addition to a standard Initial Package of documents that most servicers require, the more information you can provide to assure them that you will be able to make the new payments, the easier it will be for them to review and evaluate your application for a modification.
What to Expect from a Housing Expert
If you decide to work with a HUD-approved housing counselor, you can expect that they will work as your advisor and advocate. As your advisor, your counselor needs as much information about your situation as you can provide to know which MHA options you should pursue. As your advocate, working with your mortgage company on your behalf, your counselor needs documentation to champion your cause. Your counselor will need documented information about your loan, your financial situation and your prospective income going forward. The more documentation you can provide, the more thorough your counselor can be in finding the best solution for your situation.
- Expect to spend time gathering the documents your housing counselor and/or mortgage servicer will need to evaluate your situation.
- Expect your mortgage servicer to willingly and cooperatively work with you if you stay in frequent contact with them.
- Expect your MHA no-cost HUD-approved housing counselor to be a strong advocate and advisor for you every step of the way.
- Expect to get real help from real people, 24-7, at 888-995-HOPE (4673).