Are you struggling to make your payment on your home mortgage with SunTrust? You could possibly already be in default. You should immediately look into the possibility of a SunTrust Loan Modification under the MMaking Home Affordable Program. You could save your home, have your fees and penalties forgiven, and get a reduced house payment. Here are some ways you can increase your chances of success.
Under HAFA, short sales will be permitted if they are pre-approved before a property is listed on the market. This way, the servicers of the loans will not be able to reduce the commissions available to the hardworking professionals helping the distressed homeowners. Additionally, borrowers will be freed from future liability for the debt and there will be financial incentives created for borrowers, servicers and investors alike.
Specifically, HAFA sets a deadline of three business days to submit an executed purchase offer to the servicer with regard to a short sale and the servicer then has ten business days to respond to the offer, thereby speeding up and clarifying the process. This standardization works to the benefit of everyone involved. Although servicers are still allowed to negotiate commissions (not to exceed 6 percent), they are only allowed to do before the property is listed and not after.
On top of that, your total payments towards debts, including, credit cards, home loans, and other things can not exceed 55% of a homeowners monthly gross income. Also, HUD (A Government sponsored Housing and Development department) is now offering free home mortgage counseling for the millions of homeowners who wish to use this plan. These HUD agents will act as your representatives when dealing with mortgage lenders and banks, and get the best refinancing deal you can get. Do some basic research and help ensure you are getting the best possible deal you can.
To further facilitate this process, each participating servicer is also required to establish and uphold a written policy that describes the basis and terms upon which it will offer the HAFA program to its borrowers. However, it must be noted that all borrowers must be evaluated for a loan modification under HAMP before they can avail themselves of benefits under HAFA. Finally, HAFA goes into effect on April 5, 2010, however the industry rumors are leaning toward the earlier implementation of this program by servicers. Currently, the program is available only for non-Fannie Mae- or Freddie Mac-owned loans up to $729,750 but this may change in the future.
Learn more about Obama Mortgage Relief Plan Qualifications.
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