{"id":158,"date":"2012-03-15T09:00:34","date_gmt":"2012-03-15T09:00:34","guid":{"rendered":"http:\/\/bettinasettlesrealty.com\/Blogspot\/?p=158"},"modified":"2016-06-16T17:21:49","modified_gmt":"2016-06-16T17:21:49","slug":"what-is-the-hamp-program-and-why-my-agent-does-not-know-about-it","status":"publish","type":"post","link":"https:\/\/www.settlesteam.com\/blogspot\/2012\/03\/15\/what-is-the-hamp-program-and-why-my-agent-does-not-know-about-it\/","title":{"rendered":"What is the HAMP Program and why my agent does not know about it?"},"content":{"rendered":"<p>\u00a0\u00a0<a href=\"http:\/\/www.makinghomeaffordable.gov\/programs\/lower-payments\/Documents\/homeowner%20QA%20document.pdf\" target=\"_blank\">HAMP &#8211; Home Affordable Modification program<\/a> is a loan modification program designed to reduce eligible, delinquent and at-risk borrowers&#8217; 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.<\/p>\n<p>&nbsp;<\/p>\n<p>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.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>You may be eligible for HAMP if you meet all of the following criteria: <\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>\u2022You occupy the house as your primary residence.<\/p>\n<p>\u2022 You obtained your mortgage on or before January 1, 2009.<\/p>\n<p>\u2022 You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.<\/p>\n<p>\u2022 You owe up to $729,750 on your home.<\/p>\n<p>\u2022 You have a financial hardship and are either delinquent or in danger of falling behind.<\/p>\n<p>\u2022 You&#8217;re not unemployed<\/p>\n<p>\u2022 You have sufficient, documented income to support the modified payment.<\/p>\n<p>\u2022 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.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>To apply for HAMP, you need to complete and provide the following to your Mortgage Servicer<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>\u2022<a href=\"http:\/\/www.makinghomeaffordable.gov\/get-assistance\/request-modification\/Documents\/Request%20Form%20(Request%20for%20Modification%20and%20Affidavit).pdf\" target=\"_blank\">Request for Mortgage Assistance (RMA)<\/a><\/p>\n<p>\u2022<a href=\"http:\/\/www.makinghomeaffordable.gov\/get-started\/request-modification\/Documents\/4506-EZ%20Form.pdf\" target=\"_blank\">IRS Form 4506T-EZ<\/a> or <a href=\"http:\/\/www.makinghomeaffordable.gov\/get-started\/request-modification\/Documents\/Instructions%204506T.pdf\" target=\"_blank\">4506-T<\/a><\/p>\n<p>\u2022<a href=\"http:\/\/www.makinghomeaffordable.gov\/get-started\/request-modification\/Pages\/checklist.aspx\" target=\"_blank\">Verification of Income<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>If your mortgage is owned, insured, or guaranteed by Fannie Mae, Freddie Mac, <a href=\"http:\/\/www.makinghomeaffordable.gov\/programs\/lower-payments\/Pages\/fha-hamp.aspx\" target=\"_blank\">FHA<\/a>, <a href=\"http:\/\/www.makinghomeaffordable.gov\/programs\/lower-payments\/Pages\/va-hamp.aspx\" target=\"_blank\">VA<\/a> or <a href=\"http:\/\/www.makinghomeaffordable.gov\/programs\/lower-payments\/Pages\/rd-hamp.aspx\" target=\"_blank\">USDA<\/a>, ask your mortgage servicer which solutions might be best suited to your situation. Each one has it\u2019s own guidelines and rules.<\/p>\n<p>&nbsp;<\/p>\n<p>When you not qualify for a HAMP you might qualify for the Home Affordable Foreclosure Alternatives (HAFA) Program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0\u00a0HAMP &#8211; Home Affordable Modification program is a loan modification program designed to reduce eligible, delinquent and at-risk borrowers&#8217; 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. &nbsp; HAMP possible can lower &hellip; <a href=\"https:\/\/www.settlesteam.com\/blogspot\/2012\/03\/15\/what-is-the-hamp-program-and-why-my-agent-does-not-know-about-it\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">What is the HAMP Program and why my agent does not know about it?<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12,13,14],"tags":[],"class_list":["post-158","post","type-post","status-publish","format-standard","hentry","category-commitment","category-short-sale","category-team-work","category-tips"],"_links":{"self":[{"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/posts\/158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/comments?post=158"}],"version-history":[{"count":1,"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/posts\/158\/revisions"}],"predecessor-version":[{"id":1848,"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/posts\/158\/revisions\/1848"}],"wp:attachment":[{"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/media?parent=158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/categories?post=158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.settlesteam.com\/blogspot\/wp-json\/wp\/v2\/tags?post=158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}