HAMP – Home Affordable Modification program is a loan modification program designed to reduce eligible, delinquent and at-risk borrowers’ monthly mortgage payments. Why some Real Estate Agents and Broker are not aware of this program I do not know. I have my thoughts but I will keep them for myself.
HAMP possible can lower your monthly mortgage payment up to 31 percent of your verified monthly gross (pre-tax) income, which usually provides savings of hundreds of dollars per month.
You may be eligible for HAMP if you meet all of the following criteria:
•You occupy the house as your primary residence.
• You obtained your mortgage on or before January 1, 2009.
• You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You’re not unemployed
• You have sufficient, documented income to support the 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.
To apply for HAMP, you need to complete and provide the following to your Mortgage Servicer
•Request for Mortgage Assistance (RMA)
If your mortgage is owned, insured, or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA, ask your mortgage servicer which solutions might be best suited to your situation. Each one has it’s own guidelines and rules.
When you not qualify for a HAMP you might qualify for the Home Affordable Foreclosure Alternatives (HAFA) Program.
This is great, thanks a lot!
This is a great post, I think you should turn it into a 2 or 3 part series.