Serving Bellingham & Whatcom County
Coldwell Banker Bain
Tom DeRose :: Wireless: 360-220-9355 :: Email: tderose@coldwellbankerma.com
Links to Distressed Property Federal Programs and Agencies
Click the links below to access:
- Federal programs created specifically for distressed property owners
- Other Federal agency websites with information about programs for distressed property owners
Sellers receive $3000 relocation assistance. The foreclosure sale must be suspended while eligibility is determined, the property is marketed, or closing is pending. Sellers are released of all liability on 1st and subordinate liens. The short sale is pre-approved. Purchase agreements are approved or disapproved within 10 days. If the short sale is not successful, a deed-in-lieu of foreclosure may be possible.
Central website for information about distressed property owners programs. HAFA and HAMP and other programs are at this site, as well as general information about Federal assistance for distressed property owners.
Home Affordable Modification Program (HAMP)
If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.
List of Servicers involved in HAFA Over one hundred mortgage companies have agreed to participate in the Home Affordable Modification Program (HAMP). Click the link to the left for a list of companies who are participating, and the contact information for submitting an application.
For additional assistance:
- Treasury HAFA: escalations@HMPadmin.com, 866-939-4469
- Fammie Mae HAFA: resource_center@fanniemae.com, 800-732-6643
- Freddie Mac HAFA: borroweroutreach@freddiemac.com, 800-373-3343
