Making Home Affordable Program: Should I do it?

November 5, 12:50 PMEastside Real Estate ExaminerRoz Burton-Torres

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I loved the encouragement of your artical as I have a client with this problem, as she owns two condo units & needs to modify her loan on the one unit she rents out. She is on the edge of missing payments, but all the modification plans, except one, require one to be behind some payments. The one exception is the Home Affordability etc Act. Yet all I've read on it requires one to live in the property in question. I have tried the videos you suggested. Should she try the Home Affordibiity Act anyway? Any other suggestions? Anything would help. Thank you, Dale Y.

Thanks Dale for the question. The Home Affordability Progam is voluntary for the bank. It IS a challege for homeowners to get a loan modification approved if they are not late. Keep in mind that the Making Home Affordable Program is for owner-occupied properties only. This is not available for investment properties.

Your client can do the Making Home Affordable Program on the property that she lives in and she will have to be to late on the property that she rents out. Another option would be for her to short sale the rental property.

Good luck and let me know if you have more questions!