10 April 4 - 17, 2009
Community
www.SanTanSun.com
Loan from Page 1
Free seminar
the U.S. Treasury Department are fi nalized. 7 to 9 p.m., Wed. April 22
“Obama has approved the housing plan but nothing
Monthly seminar discussing loan modifi cations, short
has happened yet,” says Naveen Vadhwa, senior
sales, bankruptcy and other legal options
Marc J. Victor attorney at law
mortgage consultant with Sterling Home Mortgage.
3145 S. Price Rd., Suite 110, Chandler
“We are waiting until sometime in April or May 480-786-4454
for guidelines to be put in place and for lenders to
Refreshments
determine whether they will be participating.”
According to www.makinghomeaffordable.gov, the
Do you qualify?
program will offer incentives to lenders providing
To qualify for a Home Affordable Modifi cation, you
modifi cations to consumers, but this is not a program must:
that the government can enforce through law.
• To qualify for a Home Affordable Modifi cation, you
Ultimately lenders will decide whether or not to
must:
participate, although the Treasury Department states
• Be an owner-occupant in a one- to four-unit
property.
they believe most major lenders will.
Vadhwa says a Home Affordable loan modifi cation
• Have an unpaid principal balance that is equal to
or less than $729,750 for one-unit properties.
is viewed as the last resort before foreclosure and the
STSN photo
criteria to determine “fi nancial hardship” are strict.
• Have a loan that was originated on or before
WAITING: Mortgage consultant Naveen Vadhwa expects
Jan. 1, 2009.
“Essentially you need to be able to prove that you’re
guidelines to the recently approved housing plan to be in place in
suffering a hardship and living paycheck to paycheck,”
April or May. • Have a mortgage payment that is more than 31
percent of your gross pretax monthly income.
he explains. “Someone with $50,000 in their savings The Making Home Affordable program lists
account or 401(k) is not going to qualify.” guidelines on its website for steering clear of scams.
• Have a mortgage payment that is not affordable
The site points out that free guidance is available
Source: www.makinghomeaffordable.gov
Avoiding a scam through lenders, the federal government and legitimate
Unfortunately, scam artists have already started housing counselors. Also, credible intermediaries will
taking advantage of worried homeowners. Unethical not ask homeowners to sign over the deed to their www.makehomeaffordable.gov to see if they’re
businesses have sprung up claiming insider status home or require the homeowner to submit mortgage eligible for either a loan modifi cation or refi nancing.
on getting loans modifi ed. In reality, experts advise payments to them in lieu of the lender. Naveen Vadhwa and Sterling Home Mortgage can be
consumers to be very cautious about spending money Cameron believes this advice is sound, adding that reached at 480-570-5691. Contact First Credit Union at
to attain a loan modifi cation. homeowners “shouldn’t give anyone money upfront. 800-732-6986 or visit www.fi rstcu.net. Local Attorney
“The best way to verify if a business is legitimate is That’s how the scammers make their money. Check Marc J. Victor is also handling home loan modifi cations
to contact your lender directly,” advises Carolyn with your lender directly to make sure they will accept at 480-786-4454 and www.AttorneyForLoanMods.com.
Cameron, vice president of business development at a business as your representative.”
First Credit Union in Chandler. “Also, doing a search “We are still seeing large amounts of people in
Natalie Morris is a freelance writer who lives in Cooper
on Google is a great way to see how many complaints dire situations, and unfortunately more foreclosures
Commons with her husband, two sons and their dog, Bella.
have been made about a business.” are predicted,” says Cameron. “Anyone can go to
Contact her at Natalie@SanTanSun.com.
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