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HAMP Loan Mod Eligibility If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.
Eligibility*
You may be eligible to apply if you meet all of the following:
•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 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.*Eligibility criteria is for guidance only. Contact your mortgage servicer to see if you qualify for HAMP.
If you qualify for HAMP and also have a second mortgage, you may also qualify for the Second Lien Modification Program
Help is a Phone Call Away
888-995-HOPE (4673)
Hearing impaired: 877-304-9709 TTY
For Free Counseling try Homeowner's HOPE Hotline Website
As you enter a process that can sometimes be overwhelming, it would be in your best interest to engage a housing expert to help you along the way. Let a HUD-approved housing counselor help you understand your options, prepare your application, and work with your mortgage company.
For additional Info:
I have an E-Book on doing a Loan Mod Yourself. I am happy to send it to you by email for free.
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