When unemployment rates skyrocketed and the economy took a nosedive, the Obama Administration put into effect many different types of programs to help people from losing their homes. These are some of those single mother programs which are designed to help with mortgage payment.
The Home Affordable Modification Program (HAMP) is a way for single mother homeowners to get the help they need before their home goes into foreclosure. Through the process, a family that is having a hard time paying bills can have their mortgage rates reduced to 31% of their income. In many cases, mortgages can be decreased up to $1000. To have questions answered about the program, call (888) 995-4673.
Principal Reduction Alternative (PRA) is a way to reduce the unpaid principal balance on a home by dividing it into separate accounts. There is an interest-bearing principle account along with a non-interest account. Over the course of three years, if the homeowner can complete payments adequately, the non-interest account is reduced to zero. More details can be discovered by calling (888) 995-4673.
Second Lien Modification Program (2MP) is for individuals that have permanently switched to the HAMP mortgage modification and they now have a second mortgage on that property. This allows for a reduction in principal on that second mortgage. Call (888) 955-4673 for more information on single mother benefits.
Home Affordable Refinance Program (HARP) is a program that allows people whose homes have lost value to have their mortgage reevaluated. Through the process the interest rate may be reduced, payments can be decreased, or a shorter term loan can be awarded. Details can be discovered by contacting your current mortgage lender or any HARP lender. Call (800) 7-FANNIE or (800) FREDDIE to find out more on grants for single moms.