Untitled document

What is the Homeowners’ Emergency Mortgage Assistance Program?

What is the Homeowners’ Emergency Mortgage Assistance Program?


Free Online Articles Directory





Why Submit Articles?
Top Authors
Top Articles
FAQ
AB Answers

Publish Article

0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Hello Guest
Login


Login via


Register
Hello
My Home
Sign Out

Email

Password


Remember me?
Lost Password?

Home Page > Finance > Mortgage > What is the Homeowners’ Emergency Mortgage Assistance Program?

What is the Homeowners’ Emergency Mortgage Assistance Program?

Edit Article |

Posted: Nov 17, 2009 |Comments: 0
| Views: 216
|

Share

Syndicate this Article

Copy to clipboard

What is the Homeowners’ Emergency Mortgage Assistance Program?

By: J Newton

About the Author

For more information regarding mortgage loan modification and many other personal finance topics, please visit our web site at consumer finance report. We feature a large and constantly growing article library covering a wide range of consumer finance issues. Our unique, proprietary content is specifically designed to inform, educate, and provide guidance to consumers facing financial problems.

(ArticlesBase SC #1470060)

Article Source: http://www.articlesbase.com/What is the Homeowners’ Emergency Mortgage Assistance Program?





The Homeowners’ Emergency Mortgage Assistance program is a mortgage relief bill that is currently being reviewed in the U.S. House of Representatives committee on Financial Services. Since this bill is in the early stages of the procedure to become a law, it still has to overcome several major hurdles before (and if ever) it becomes a law. Nevertheless, it is worthwhile to take an in-depth look at this proposed program to understand precisely what type of actions lawmakers are working on to address the recent economic turmoil.

Patterned closely after an existing law of the same name in Pennsylvania, the bill’s overriding intent is to provide mortgage payment relief to people who have experienced financial hardship. The act, if written into law, would enable the Department of Housing and Urban Development (HUD) to provide mortgage assistance to financially distressed homeowners, while prohibiting a mortgage lender from commencing any legal action against the homeowner while they are receiving assistance under the act.

The official name of the bill, H.R.3142 – Homeowners’ Emergency Mortgage Assistance Act, was introduced and sponsored by Representative Chaka Fattah (D) of Pennsylvania, and was referred to the House Committee on Financial Services on July 9th, 2009. At the time of this writing, no official action has been taken on the bill since that date.

Who Would Qualify

The Homeowners’ Emergency Mortgage Assistance bill, as is currently written, allows HUD to make payments on mortgages (1-4 family residential properties only). Each of the following eight criteria must be met in order for a person to qualify for assistance.

Mortgage lender has sent to the mortgagor holder a notice of intent to foreclose At least 2 full monthly installments due on the mortgage are unpaid after the application of any partial payments that may have been accepted but not yet applied to the mortgage account The mortgagor is suffering financial hardship due to circumstances beyond the control of the mortgagor which render the mortgagor unable to correct the delinquency on the mortgage and unable to make full mortgage payments before the expiration of a 60-day period beginning on the date that notice was sent to the mortgagor in accordance with section 3(b) of the the act There is a reasonable prospect that the mortgage holder will be able to resume full mortgage payments not later than 36 months after the beginning of the period for which assistance payments are provided and to pay the mortgage in full by its maturity date or by a later date agreed upon by the mortgage lender Property is the mortgage holders principal place of residence The mortgage holder does not have a mortgage on any other residential property The mortgage holder has applied to HUD for assistance. The mortgage holder has not been more than 60 days delinquent on a residential mortgage within the 2-year period preceding the delinquency for which assistance is requested, unless the mortgagor can demonstrate that the prior delinquency was the result of financial hardship due to circumstances beyond their control

 

What Qualifies as Financial Hardship?

What exactly constitutes financial hardship? The bill specifically says that HUD may consider information regarding the mortgage holders’ employment record, credit history, and current income. A hardship may include, but is not be limited to, any one of the following items:

Loss of job of a member of the household Salary, wage, or earnings reduction of a member of the household Injury, disability, or illness of a member of the household Divorce or separation in the household Death of a member of the household.

 

Repayment of Assistance

Any financial assistance provided to a homeowner under the proposed program is treated as a loan. As such, the homeowner is expected to reimburse HUD per the guidelines listed below. HUD, in order to secure its interest in the loan, will place a lien on the homeowner’s property.

Housing expense is less than 35 percent of net effective income

If the mortgage holders’ total housing expense is less than 35 percent of the their net effective income, they would be required to pay HUD the difference between 35 percent of the their net effective income – and their total housing expense unless otherwise determined by HUD after examining the mortgage holders financial circumstances and ability to contribute to repayment of the mortgage assistance.

Housing expense is greater than 35 percent of net effective income

If the mortgage holders total housing expense is more than 35 percent of the their net effective income, repayment of the mortgage assistance shall be deferred until the mortgage holders total housing expense is less than 35 percent of the their net effective income.

When mortgage is paid in full

Notwithstanding points (1) and (2) above, if repayment of mortgage assistance is not made by the date that the mortgage is paid in full, the mortgagor shall make mortgage assistance repayments in an amount not less than the previous regular mortgage payment until the mortgage assistance is repaid.

 

Mortgage Holder Obligation to Notify Homeowners

The program also would require a mortgage lender to send a uniform notice to any homeowner facing foreclosure. This notice would inform the homeowner of the relief services available not only through the Homeowners’ Emergency Mortgage Assistance program, but other agencies as well. The mortgage holder would be prevented from taking any legal action until 30 days have expired from when the notice was sent out. Additionally, should a homeowner qualify and be accepted into the program, no legal action could be brought against the homeowner as long as they are participating in the assistance program.

Outlook for the Bill

The homeowners’ Emergency Mortgage Assistance act has a long, hard struggle on its road to becoming law. The next steps in the process are as follows; Report by committee, House Vote, Senate Vote, and finally a signature by the President of the United States. Though it’s true that most bills do not become law, several members of the congress, including Senators Carl Levin (D, MI), Christopher Dodd (D, CT), and Arlen Spector (D, PA), and Representatives such as John Conyers (D, MI) have voiced their support for the bill.

Retrieved from “http://www.articlesbase.com/mortgage-articles/what-is-the-homeowners-emergency-mortgage-assistance-program-1470060.html

(ArticlesBase SC #1470060)

J Newton
About the Author:

For more information regarding mortgage loan modification and many other personal finance topics, please visit our web site at consumer finance report. We feature a large and constantly growing article library covering a wide range of consumer finance issues. Our unique, proprietary content is specifically designed to inform, educate, and provide guidance to consumers facing financial problems.

Rate this Article

1
2
3
4
5

vote(s)
0 vote(s)

Feedback
RSS
Print
Email
Re-Publish

Source:  http://www.articlesbase.com/mortgage-articles/what-is-the-homeowners-emergency-mortgage-assistance-program-1470060.html

Article Tags:
mortgage

Related Videos

Related Articles

Latest Mortgage Articles
More from J Newton


Bad Credit Mortgages

Whether you’re buying a home, refinancing your current home or consolidating debt there is a mortgage loan for you regardless of your past credit history. Options are available for borrowers with credit scores as low as 350! (05:25)


Investing Tips: Short Sale – Part 3

Learn how to: Bill and Dwan Twyford discuss the details of the short sale and offer many other options for investors to use when assisting the homeowner in the beginning stages of foreclosure. A.D. Kessler’s Real Estate Roundtable #357 Clip 3 from Creative Real Estate Magazine at www.cremag.com. (01:04)


Investing Tips: Short Sale – Part 2

Learn how to: Bill and Dwan Twyford discuss the details of the short sale and offer many other options for investors to use when assisting the homeowner in the beginning stages of foreclosure. A.D. Kessler’s Real Estate Roundtable #357 Clip 2 from Creative Real Estate Magazine at www.cremag.com. (01:17)


Investing Tips: Short Sale – Part 1

Learn how to: Bill and Dwan Twyford discuss the details of the short sale and offer many other options for investors to use when assisting the homeowner in the beginning stages of foreclosure. A.D. Kessler’s Real Estate Roundtable #357 Clip 1 from Creative Real Estate Magazine at www.cremag.com. (00:57)


Learn about Mortgage Rates and Points

Video explains with examples why mortgage points matter. Points are what actually move each business day since the actual rate is always available. It’s just a matter of how much it will cost you to obtain the rate. The video tutorial also publicizes a new daily real-time mortgage rate alert service for home buyers and those refinancing their current mortgage. (02:19)

Fha Mortgage Lender Florida, Fha Loan Florida,

FHA Loan FLorida, FHA Home loan Florida, FHA mortgage Florida,

By:
Florida Mortgagel

Finance>
Mortgagel
Jan 27, 2010

Florida Refinance with FHA mortgage, Florida FHA mortgage Refinance,

Florida Refinance with FHA mortgage, Florida FHA mortgage Refinance

By:
Florida Mortgagel

Finance>
Mortgagel
Dec 23, 2009

Reverse Mortgage Tax-Deductible?

Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. Unlike a regular mortgage, the homeowner makes no payments and all interest is added to the lien on the property.

By:
Golden Years Mortgage Solutionsl

Finance>
Mortgagel
Mar 19, 2010

The Differences Between Mortgages And Reverse Mortgages

There are many different types of mortgages, each with its own advantages and disadvantages, it is very important that you do your research. Understanding these differences will enable you to choose the right mortgage for your financial situation and housing goals.

By:
Golden Years Mortgage Solutionsl

Finance>
Mortgagel
Feb 09, 2010

FHA mortgage Refinancing, FHA mortgage loans, FHA Home loans

The FHA home loan offers exclusive Florida FHA mortgage refinancing, FHA mortgage rates, FHA refinance loans, FHA fixed mortgage refinance, FHA low equity loans, FHA refinance mortgages, FHA bad credit mortgage, second mortgages

By:
Florida Mortgagel

Finance>
Mortgagel
Nov 15, 2009

Is an FHA Home loan Mortgage Right for You? ((97%w 550 FICO))

After many years of risky home loans backed up by small down payments, most lenders aren’t underwriting mortgages without a large sum money for a down payment and a high credit score. But a loophole can still put home buyers in a Florida home for little or no money down. FHA Mortgages

By:
Florida Mortgagel

Finance>
Mortgagel
Nov 03, 2009

FHA mortgage Florida, FHA loan Florida, No Credit No Probelm

To endure and be the most successful Florida FHA mortgage lender, we have learned to adapt to a Florida real estate market that changes quickly. One reason http://fhamortgagefhaloan.com/ still here after 15 years, when so many other Florida FHA mortgage businesses around the state of Florida have closed their doors.
We really do take a long-term approach to Florida FHA mortgage lending.

By:
Florida Mortgagel

Finance>
Mortgagel
Nov 02, 2009

How to get an FHA Mortgage Loan, ((97% W 550 FICO))

get pre-approved for an FHA Mortgage before you shop for a Florida home! Getting pre-approved for a loan before looking at homes can help speed up the Florida home

By:
Florida Mortgagel

Finance>
Mortgagel
Oct 27, 2009

I Need a Mortgage Quote to Refinance My Home – 3 Tips For Getting The Best Rate

Being able to make payments on your mortgage each month is a good feeling. It means that you are keeping yourself and your family safe, warm and dry each day and night. There can come a time, however, when it makes sense to refinance your home. If you are in need of a mortgage quote to refinance your home, here are 3 tips for getting the best rate.

By:
Susan Willisl

Finance>
Mortgagel
Nov 23, 2010

No Doc Loans In The Post Housing Bubble Market

Sometimes you look so hard to find something, you miss what’s right under your nose. For many home buyers, that’s the case for no doc loans. In reality, they’re everywhere. Here is how to find them.

By:
Ron Stonel

Finance>
Mortgagel
Nov 23, 2010

Find The Best Home Refinance Rates – 3 Tips

When you are looking for ways to cut down on your monthly expenses, it sure makes sense to consider doing something about those high mortgage payments. Refinancing a mortgage can be a smart way to reduce your monthly loan payments. Here are 3 tips on how to find the best home refinance rates.

By:
Everett Machlachanl

Finance>
Mortgagel
Nov 23, 2010

Bad Credit Equity Home Loan – 5 Tips To Get You Started

There are several possible reasons why you may be considering a home equity loan. For example, you may have recently come into a situation whereby you need cash to pay for a large, unexpected expense. If you are considering a bad credit equity home loan, here are 5 tips to get you started.

By:
Marie-Claire Smithl

Finance>
Mortgagel
Nov 23, 2010

Are Mortgage Rates Going Up? – 3 FAQs

For anyone considering buying a home, investing in residential properties, or refinancing their home, a natural thing to wonder about is whether mortgage rates are actually going up or down. Here are the answers to 3 frequently-asked-questions about whether mortgage rates are going up.

By:
Everett Machlachanl

Finance>
Mortgagel
Nov 23, 2010

Young Man – Become An IT Contractor

You can earn heaps more money as a contractor. Prior to the downturn you could immediately double your money by going contracting, and there is still a premium of about 70%. With the recovery, the differential will no doubt rise again.

By:
itcontractor@live.coml

Finance>
Mortgagel
Nov 23, 2010

Understand Loan Modification and Get The New Payments You Deserve

A lot of people out there are and so misinformed about loan modification programs. Most people wonder what the program entails, how it works and if they should just go about it by themselves or seek professional assistance.

By:
Mark Claybornel

Finance>
Mortgagel
Nov 23, 2010

How To Avoid Crippling Debts This Christmas

To avoid debts this Christmas people should think of limiting their spending, avoiding loans from illegal money lenders, buying smaller gifts and avoiding shopping during rush when the prices sky rocket.

By:
Katie Simpsonl

Finance>
Mortgagel
Nov 23, 2010

FHA 203(k) Loan Program Provides Money For Home Repairs and Renovations

Learn all about the little known FHA 203k loan program. Loans to help homeowners make home repairs and renovations.

By:
J Newtonl

Finance>
Loansl
Jun 16, 2010

Find Out How Home Equity Lines of Credit are Being Closed With No Warning

If you have a home equity line of credit loan you need to know that lenders can and will close out a line of credit with no notice.

By:
J Newtonl

Finance>
Mortgagel
Jun 16, 2010

When Free Credit Reports Aren’t So Free – How New Rules Force Ads to Disclose Costs

Be wary of ads touting free credit reports. Often they come with strings attached. Learn about new rules introduced by the FTC to require advertisers to make certain disclosures

By:
J Newtonl

Finance>
Creditl
Jun 11, 2010

How to Find Low Interest Credit Cards and It Takes to Qualify

Learn the essential tips and instruction on how to find the lowest rates on credit cards – a great way to start reducing your debt.

By:
J Newtonl

Finance>
Loansl
May 07, 2010

Settle Credit Card Debt Without Getting Ripped Off

Avoid getting ripped off or misled by credit card debt settlement products or services. A look at the key pieces of information every consumer should know before signing up with a debt settlement company.

By:
J Newtonl

Finance>
Creditl
Jan 07, 2010

Credit Card Debt Settlement Can be a Viable Alternative to Bankruptcy

Exploring credit card debt settlement as an alternative to bankruptcy. Clear explanation of pro’s and con’s.

By:
J Newtonl

Finance>
Personal Financel
Jan 07, 2010

Questions About Loan Modification Companies

Have questions or concerns about loan modification companies? Your’re probably not alone. We take a close look at the services these companies provide and whether or not they can really help you stay in your home.

By:
J Newtonl

Finance>
Mortgagel
Nov 17, 2009

What is the Homeowners’ Emergency Mortgage Assistance Program?

A review, analysis, and update of the Homeowners’ Emergency Mortgage Assistance Program. This is a bill designed to help homeowners struggling to make their mortgage payments.

By:
J Newtonl

Finance>
Mortgagel
Nov 17, 2009
lViews: 216

Add new Comment

Your Name: *

Your Email:

Comment Body: *

 

Verification code:*

* Required fields

Submit

Your Articles Here
It’s Free and easy

Sign Up Today

Author Navigation

My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder

My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box


J Newton has 9 articles online

Contact Author

Subscribe to RSS

Print article

Send to friend

Re-Publish article

Articles Categories
All Categories

Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing

Finance

Accounting
Banking
Credit
Currency Trading
Day Trading
Debt Consolidation
Insurance
Investing
Loans
Mortgage
Personal Finance
Real Estate
Taxes
Wealth Building

Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog

Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map

Webmasters
RSS Builder
RSS
Link to Us

Business Info
Advertising

Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2010 Free Articles by ArticlesBase.com, All rights reserved.

For more information regarding mortgage loan modification and many other personal finance topics, please visit our web site at consumer finance report. We feature a large and constantly growing article library covering a wide range of consumer finance issues. Our unique, proprietary content is specifically designed to inform, educate, and provide guidance to consumers facing financial problems.

{ 5 comments… read them below or add one }

reverse osmosis water filter apec March 19, 2013 at 7:23 am

However there are some some dawbacks to reverse
osmosis treatment used in the home that you need
to be aware of. While heavy metals like lead and mercury may possibly be eliminated,
essential minerals are removed as nicely. Website:.

Reply

Spencer April 18, 2013 at 6:27 am

As a blog owner. Do you feel like having a web site or even site
is realistic? Also how does one get individuals to take a look at your blog?

Reply

Http://Tinagppayne.Sosblogs.Com July 20, 2014 at 6:34 pm

Just desire to say your article is as astounding.
The clearness in your post is just great and i could assume
you are an expert on this subject. Well with your permission allow
me to grab your feed to keep up to date with forthcoming post.
Thanks a million and please carry on the gratifying work.

Reply

http://202.187.160.8/markasudara/index.php/maklumbalas?20 August 22, 2014 at 6:52 pm

After I originally commented I appear to have
clicked on the -Notify me when new comments are added- checkbox and now every time a comment is
added I get 4 emails with the exact same comment.
Is there a means you are able to remove me from that service?

Thank you!

Reply

Http://Www.Healthreviewers.Org/Eye-Creams September 12, 2014 at 11:29 pm

Hi there it’s me, I am also visiting this website regularly, this web site is
genuinely good andd the people are actually sharing nice thoughts.

Reply

Leave a Comment

*

Previous post:

Next post: