Relief for Responsible Homeowners

Treasury Announces Requirements for Making Home Affordable This is a comprehensive $75 Billion Home Affordable Modification Program. The plan is expected to reach up to 3 to 4 million homeowners.

The goal for the Home Affordable Modification program is to reduce the amount homeowners owe per month to sustainable levels to stabilize communities. There are some key components of this program:

• Shared effort to reduce monthly payments. Treasury will partner with financial institutions and investors to reduce homeowners' monthly mortgage payments. • "Pay for Success" Incentives to Servicers: • Responsible Modification Incentives. • Incentives to Help Borrowers Stay Current. • Home Price Decline Payments. • Second Liens• Modification of Home Mortgages during Bankruptcy. • Strengthen Hope for Homeowners and other FHA Loan Program. • Support Local Communities and Help displaced Renters.

Making home affordable will offer assistance to many homeowners making their mortgages more affordable and helping to prevent foreclosures. Here are some of the guidelines:

>Loans originated on or before Jan 2009.

>First-lien loans on owner-occupied properties with unpaid balance up to $729,750. Higher limits allowed for owner-occupied properties with 2-4 units

>Borrowers must document income.

>Property owner occupancy status will be verified.

>Incentives to lenders and servicers to modify at risk borrowers.

>Modifications can start now until Dec 31, 2012.

For details of the Home Affordable Modification see http://www.financialstability.gov/

For more information on buying or selling your home call

Karin Zeigler, RE/MAX Four Seasons, 360-870-6249

e-mail: Karinzeigler@remax.net.

Web Site: www.karinzeigler.com