Homeowners Who Are Out Of Work Are Now Getting Help with Their Mortgage Payments Thanks to a Program Offered Through Essex Mortgage Bank
Summary
HUAP joins the Home Affordable Foreclosure Alternatives (HAFA) program, which provides incentives to servicers for providing short sales and deeds-in-lieu of foreclosure, as another net to catch borrowers who fall out or fail the HAMP program.### Santa Rosa, CA, July 09, 2010 --( PR.com )-- With unemployment numbers hovering around 10% the government introduced a new mortgage program.On July 1st Unemployed homeowners began receiving assistance from a new program called (HAUP) which is short for the Home Affordable Unemployment Program (HAUP).HAUP provides homeowners a forbearance of monthly mortgage payments, either reducing them or suspending them for at least three months.Servicers can extend the timeline depending on regulatory guidelines.Homeowners who qualify for the program have a first-lien mortgage originated on or before Jan. 1, 2009.The unpaid principal balance on a single-unit primary residence must be equal to or less than $729,750, and the mortgage has to be in default or in imminent default.Those who have already gone through the Home Affordable Modification Program (HAMP) process are not eligible for the HAUP.