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Did you know reno home loan modifications can be accomplished by you, "the homeowner", on your own without third party assistance?

Do it Yourself Loan Modifications

For a copy of our 130-PAGE GUIDE
to DO-IT-YOURSELF LOAN MODIFICATIONS click below.

Download our Do-it-yourself Loan Modification guide




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FORECLOSURE PREVENTION




Questions? Call us to speak with a loan modification consultant. Email our loan modification support team for assistance

Homeowner Affordability and Stability Plan
You can keep your home! Don't become a reno foreclosure statistic.

The “Homeowner Affordability and Stability Plan” was rolled out by the Obama Administration.  Along with the plan there is a new consumer website to allow homeowners to complete a self-assessment to help determine eligibility.

There are three main components to the plan:

  1. Affordability:  Find out if you may be eligible here
  2. Stability:  $75 Billion in funds allocated to help Up to 4 Million homeowners at risk of loosing their homes modify the terms of their mortgages. Find out if you may be eligible here.
  3. Strengthening:  The strengthening of Fannie Mae and Freddie Mac with $200 Billion in funds to help drive interest rates down.

1.  Affordability:  Provide funds for the refinancing of Up to 5 Million loans for homeowners deemed as “Responsible” in efforts to make their payments more affordable.   Current interest rates are low, yet many families have been unable to take advantage of these low rates because they are under water on their homes.  This program will allow the refinancing of loans owned by either Fannie Mae or Freddie Mac for up to 105% of the value of their home.

2.  Stability:  This part of the plan is largely funding for Note Modification efforts focused on modification of mortgages with explosive terms.  $75 Billion in funds allocated by TARP and the FDIC to incentivize lenders to participate and subsidize interest payments for homeowners.  This plan is aimed toward primary residences.  This plan will not punish responsible homeowners who have remained current on their mortgages, as you do not have to be late on your mortgage to qualify for this part of the program.

The objective of this program is to bring monthly mortgage payments down to 31% of the borrower’s income.  This is accomplished by both the lender and the government.  Lenders receive up-front fees as an incentive to initiate loan modifications with qualified borrowers.  The FDIC will provide a partial guarantee on these modified mortgages to encourage lenders to participate.   As an incentive to borrowers with a modified mortgage, they will receive a $1,000 principal reduction for each year they remain current up to 5 years.  The Treasury announced uniform guidelines for loan modifications across the industry based largely on the FDIC Loan Modification.  Lenders participating in the TARP funding are required to adopt these standards.  All government-backed mortgages will participate in these guidelines as well.

3.  Strengthening:  The Treasury Department has increased the funding commitment to Fannie Mae and Freddie Mac.  These efforts are aimed to insure that the mortgage markets continue to operate efficiently.  This includes the continuation of the Mortgage-Back-Securities purchase program and an increase of the size of the portfolio limits for the Fannie Mae and Freddie Mac.  This will continue to provide pressure on keeping interest rate down and promote the refinance and new home purchase activity.


Am I Eligible?
What are the homeowner affordability and stability plan qualifications?

Facing Reno foreclosure?  To find out if you may be eligible for the homeowner affordability and stability plan, answer 5 questions with a yes or no answer.  Click below.

Take me to step 2 of "Am I Eligible"



What are the other home loan modification programs available to avoid reno foreclosures? 

For information on additional mortgage modification programs see FHFA loan modification plan and FDIC loan modification plan

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