FORT LAUDERDALE, FL — (Marketwire) — 05/15/12 — Beginning June 1, the Making Home Affordable (MHA) program will be releasing a new tier that expands eligibility for struggling homeowners looking to benefit from the government program. provided four guideline changes homeowners should be aware of under the new tier.
Individuals who have been declined for the Home Affordable Modification Program (HAMP) or MHA program may find assistance under the Tier 2 level of eligibility through the following changes:
Homeowners who did not qualify under the HAMP Tier 1 program may apply under Tier 2. The new guidelines calculate debt-to-income ratios by taking other debt into account.
Owners of investment properties will be eligible to apply for assistance under Tier 2 if they are current on their investment payments.
If either provider allows servicers to forgive principal with a HAMP modification, the United States Treasury will pay the same principal reduction incentives.
HAMP will pay between 18 cents and 63 cents for every dollar the lenders take from the mortgage principal. These numbers were originally between 6 cents and 21 cents.
Tier 2 Program 2
Although the new Tier 2 program has not gone into effect, lenders may start proactively qualifying homeowners who have already defaulted under HAMP.
“Homeowners are encouraged to work either directly with their lenders or to consult with a licensed attorney in their area,” , Lead Attorney for RKE Law Group said. “It is important for struggling homeowners to educate themselves on all the different assistance programs available.”
To learn more about the Tier 2 program or to seek professional assistance from an attorney, visit .
About RKE Law Group: RKE Law Group, based in South Florida, is a firm of experienced foreclosure defense attorneys dedicated to providing their clients with unyielding excellence to help achieve the best possible results for their personal situations. To learn more about how RKE Law Group can help you, visit them at .
Name: RKE Law Group
Address: 6301 NW 5th Way #2000
Fort Lauderdale, FL, 33309
Phone: (954) 905-2189
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