Loans And Mortgages

Making Home Affordable Program

The Making Home Affordable Program is a critical part of the effort to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. Making Home Affordable includes opportunities for homeowners to modify or refinance their mortgage to make their payments more affordable.

There is no charge to apply for the Making Home Affordable Program. If you are struggling to pay your Lake City Bank mortgage, contact us at (877) 718-9198 x 47249 to determine if you qualify for the program. A HUD-approved housing counselor can also work with you for free to help you determine if you are eligible and help you apply for the program.

Home Affordable Modification Program (HAMP)

Many homeowners are struggling to make their mortgage payments on time perhaps because their interest rate has increased or they have less income. HAMP reduces a homeowner’s monthly mortgage payment to 31 percent of their verified gross (pre-tax) income to make their payments more affordable.

To qualify for HAMP, you must:

  • Own a one- to four-unit home that is your primary residence1;
  • Have received your mortgage on or before January 1, 2009;
  • Have a mortgage payment (including principal, interest, taxes, insurance, and homeowners association dues) that is more than 31 percent of your gross (pre-tax) monthly income; and
  • Owe an amount that is less than or equal to $729,750 on your first mortgage for a one-unit property (there are higher limits for two- to four-unit properties).

Visit MakingHomeAffordable or call (888)-995-HOPE (4673) for more information.

Home Affordable Foreclosure Alternatives (HAFA)

All servicers that have signed agreements with the U.S. Department of the
Treasury (Treasury) to participate in the Home Affordable Modification Program (HAMP) must consider eligible borrowers who do not qualify for HAMP for other foreclosure prevention options including Home Affordable Foreclosure Alternatives (HAFA) which includes short sale and deed-in-lieu (DIL). However, each servicer has some discretion in determining additional eligibility criteria and certain program rules. Click here to review Lake City Bank’s HAFA Matrix.

Home Affordable Refinance Program (HARP)

Some homeowners may be able to pay their mortgage on time, but are not able to refinance to take advantage of today’s low interest rates perhaps due to a decrease in the value of their home. HARP assists homeowners whose mortgages are current and held by Freddie Mac refinance into a more affordable mortgage. The Freddie Mac Relief Refinance Mortgage offering has been extended to December 31, 2016.

You may be eligible for the Relief Refinance offering if:

  • The mortgage being refinanced is in first lien position and owned or securitized by Freddie Mac
  • Have a note dated on or before May 31, 2009
  • The mortgage cannot have been refinanced under HARP previously
  • No delinquency in the most recent six months
  • No more than one 30-day delinquency in the past 12 months
  • Additional requirements apply, please contact a Lake City Bank Mortgage Loan Originator for more details

Visit MakingHomeAffordable or call (888)-995-HOPE (4673) for more information.

1 Rental Property may be eligible. Please contact us at (877) 718-9198 x 47249 for additional information.

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