mobile home mortgage help
Mobile home mortgage help
Do you owe more on your mobile home loan than your home is worth? Is your rate too high?
Here is the scoop on what help is available:
HARP (and HARP 2)
Others including FHA and VA help.
Visit the government website at: http://www.makinghomeaffordable.gov/about-mha/faqs/Pages/default.aspx
This website answers a lot of questions about these programs, while NOT selling you anything.
HAMP stands for Home Affordable Modification Program. This program helps people who need a loan modification such as a lower rate, reduced payment, longer term, reduced balance. This program requires that the holder of your loan participate in the program.
Here is an excerpt:
"Participation in HAMP is mandatory for servicers of loans owned or guaranteed by Fannie Mae or Freddie Mac (Government Sponsored Enterprises or GSEs). Participation in HAMP is voluntary for servicers of non-GSE loans. However, incentives are available to servicers and investors who complete modifications under HAMP, and most major servicers already have committed to the Program. A current list of participating servicers is available at http://www.makinghomeaffordable.gov/get-assistance/contact-mortgage/Pages/default.aspx"
Now, HARP stands for Home Affordable Refinance Program. This is designed for people who owe more on their loan than their home is worth, but want to refinance for a lower rate (and payment).
Here is an excerpt:
"Eligible homeowners who are current on their mortgages but have been unable to take advantage of lower interest rates because their homes have decreased in value, may have the opportunity to refinance. Through a refinance under HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they
own or that they guaranteed in mortgage backed securities. To see if your mortgage is eligible for a refinance please visit http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx"
As for FHA and VA loans, there are programs that are the same as above, but work with FHA and VA loans - here is how this works:
"In July 2009, FHA launched the FHA-Home Affordable Modification Program (FHA-HAMP) to provide assistance to borrowers with FHA loans to modify their mortgages to provide more affordable payments. FHA-insured first lien mortgage loans that are modified under FHA-HAMP may be eligible for certain incentive payments under Treasury FHA-HAMP. VA issued guidance on its HAMP for loans guaranteed by the VA in January 2010. VA loans may be considered for VA-HAMP or other loss mitigation programs offered by the VA."
So, the BIG question is this: CAN THESE BE DONE/USED ON A MOBILE OR MANUFACTURED HOME??
Well, the question is hard to answer. The answer is yes! But, there is more to it than that.
If you read the excerpts above, you see that your mortgage needs to be currently owned or guaranteed by FannieMae, or FreddieMac. Or, at the very least, the lender who services your loan needs to participate in these programs.
The bad news is that many mobile home lenders do not participate in these programs, and most mobile home loans are NOT owned or guaranteed by FannieMae or FreddieMac.
Use the links above to find out, or call whoever you make your payments to.
Any comments? What do you think of this? Please tell us what you think!