Whether you like President Obama or not, he did create the Making Homes Affordable Program at the national level to help homeowners who are struggling to modify their loans. This program has successfully helped many homeowners save their homes from foreslocure. In order to be a part of the Home Affordable Modification Program (HAMP) you need to fall into the following categories:
(1) Own a home that is your primary residence;
(2) Received your mortgage before January 1, 2009;
(3) Have a monthly mortgage that is more than 31% of your Gross Monthly Income; and
(4) Owe an amount that is less than or equal to $729,750.00.
This Federally mandated program makes any loans that fall in this category a loan that is modifiable under the HAMP regulations. Homeowners who qualify for this program must make payments of three to four months on time before making this a permanent loan modification.
To qualify for this loan a complete financial package must be submitted. There are some financial institutions that should automatically send you this trial package, however, not all financial institutions are federally mandated to do so. So your first step (if you do not wish to consult a lawyer) is to contact your financial institution and ask that they send you the HAMP trial package to fill out.
If for some reason you do not fit under the HAMP program, many financial institutions have in-house programs that you could qualify for, and however, due to the nature of the lenders, it is sometimes hard to obtain the information necessary. If you need assistance, you should contact a professional immediately.
Finally, Nevada offers a mandatory Foreclosure Mediation program that allows you, a representative of your choice, a state certified mediator, and a bank representative to sit down face to face to try and save your home. Most often times this is the final step to take in these situations, a final step that can indeed save your home from foreclosure.