HAMP Loan Modification
In February 2009, the Obama Administration introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis to get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure.
The Home Affordable Modification Program provides eligible homeowners the opportunity to modify their mortgages to make them more affordable. Over one million homeowners have already gotten help under the program. The program is on track to help 3 to 4 million homeowners by 2012.
On March 26, the Obama Administration announced expanded flexibility for mortgage servicers to assist more unemployed homeowners and homeowners who are underwater through the program.
How to determine if you are eligible for a HAMP loan modification:
1. Is the house your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,950?
3. Are you having trouble paying your mortgage?
4. Did you get your current mortgage before January 1, 2009?
5. Is your payment on your first mortgage (including principle and interest, taxes, insurance and HOA dues) more than 31% of your current gross income?
Click for more information on HAFA Short Sale and Deed-in-Lieu programs.
Click for Videos on the Making Home Affordable programs.
