HAMP (HOME AFFORDABLE MODIFICATION PROGRAM)
If you are not unemployed, but you’re still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP®). HAMP may lower your monthly mortgage payments in order to make them more affordable and sustainable for the long-term. If you currently occupy your home as your primary residence, I encourage you to contact your mortgage servicer as soon as possible to begin the HAMP evaluation
process.
In an effort to continue to provide meaningful solutions to the housing crisis, effective June 1, 2012, the Obama Administration expanded the population of homeowners that may be eligible for the Home Affordable
Modification Program to include:
- Homeowners who are applying for a modification on a home that is not their primary residence, but the
property is currently rented or the homeowner intends to rent it.
- Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lower.
- Homeowners who previously received a HAMP trial period plan, but defaulted in their trial payments.
- Homeowners who previously received a HAMP permanent modification, but defaulted in their payments,
therefore losing good standing.
If you are a homeowner who falls into any of these criteria, you may be eligible for a modification under the expanded criteria.
process.
In an effort to continue to provide meaningful solutions to the housing crisis, effective June 1, 2012, the Obama Administration expanded the population of homeowners that may be eligible for the Home Affordable
Modification Program to include:
- Homeowners who are applying for a modification on a home that is not their primary residence, but the
property is currently rented or the homeowner intends to rent it.
- Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lower.
- Homeowners who previously received a HAMP trial period plan, but defaulted in their trial payments.
- Homeowners who previously received a HAMP permanent modification, but defaulted in their payments,
therefore losing good standing.
If you are a homeowner who falls into any of these criteria, you may be eligible for a modification under the expanded criteria.
CRITERIA
- You obtained your mortgage on or before January 1, 2009. - You owe up to $729,750 on your primary residence or single unit rental property
- The property has not been condemned
- You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
- You have sufficient, documented income to support a modified payment.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
- You obtained your mortgage on or before January 1, 2009. - You owe up to $729,750 on your primary residence or single unit rental property
- The property has not been condemned
- You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
- You have sufficient, documented income to support a modified payment.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
TAKE ACTION
Foreclosure is not your only option; you can see that there are several options to consider before you go into foreclosure. HAMP might be the right program for you.
Additional information and assistance about HAMP can be found in the following sites:
www.makinghomeaffordable.gov
www.knowyouroptions.com
www.hud.gov
To find out if your loan is owned by Fannie Mae click here
To find out if your loan is owned by Freddie Mac click here
DISCLAIMER
The purpose of this site is to provide you with information and resources that might help you understand your options to prevent or avoid foreclosure.
I hope you find this information helpful and useful. By becoming more knowledgeable of your options I am sure you will resolve your situation more advantageously.
If you have questions about HARP or the foreclosure process contact me here or click the contact me tab. With my twenty eight years of real estate experience, I can assist you, in this sometimes complicated, situation.
Foreclosure is not your only option; you can see that there are several options to consider before you go into foreclosure. HAMP might be the right program for you.
Additional information and assistance about HAMP can be found in the following sites:
www.makinghomeaffordable.gov
www.knowyouroptions.com
www.hud.gov
To find out if your loan is owned by Fannie Mae click here
To find out if your loan is owned by Freddie Mac click here
DISCLAIMER
The purpose of this site is to provide you with information and resources that might help you understand your options to prevent or avoid foreclosure.
I hope you find this information helpful and useful. By becoming more knowledgeable of your options I am sure you will resolve your situation more advantageously.
If you have questions about HARP or the foreclosure process contact me here or click the contact me tab. With my twenty eight years of real estate experience, I can assist you, in this sometimes complicated, situation.
YOU ARE NOT ALONE…
If HAMP is the program that best suits your situation and you need assistance or additional information to proceed in order to prevent foreclosure contact me. It is my goal to become an asset and a resource to you and to build a client for life, whether we work together now or in the future, your questions will be answer at no obligation to you.
If HAMP is the program that best suits your situation and you need assistance or additional information to proceed in order to prevent foreclosure contact me. It is my goal to become an asset and a resource to you and to build a client for life, whether we work together now or in the future, your questions will be answer at no obligation to you.
.
TOOLS
Start preventing foreclosure today. Making Home Affordable will end on December 2013.
Click here to download the official Making Home Affordable handbook and to download the forms require for the Home Refinance Program (HARP), the Home Loan Modification Program (HAMP) and Short Sale (HAFA).
Start preventing foreclosure today. Making Home Affordable will end on December 2013.
Click here to download the official Making Home Affordable handbook and to download the forms require for the Home Refinance Program (HARP), the Home Loan Modification Program (HAMP) and Short Sale (HAFA).
This site is courtesy of Henry Diez “Your preferred Realtor of choice”
For all your real estate needs visit www.qualityservicerealty.com
Assisting buyers and sellers since 1995