Prevent Foreclosures: Apply for Home Affordable Modification Program
The current economic condition has made it struggle f...
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Prevent Foreclosures: Apply for Home Affordable Modification Program

The current economic condition has made it struggle for the citizens to pay their mortgage installments on time. Many times the financial condition weakens to the extent that they need to face foreclosures. To assist people in this regard the federal government has introduced an innovative program that can help the home owners in making their payments a lot more convenient and affordable.
Published on: Mar 4, 2016
Published in: Economy & Finance      
Source: www.slideshare.net


Transcripts - Prevent Foreclosures: Apply for Home Affordable Modification Program

  • 1. Prevent Foreclosures: Apply for Home Affordable Modification Program The current economic condition has made it struggle for the citizens to pay their mortgage installments on time. Many times the financial condition weakens to the extent that they need to face foreclosures. To assist people in this regard the federal government has introduced an innovative program that can help the home owners in making their payments a lot more convenient and affordable. This program is known as Home Affordable Modification Program or HAMP. It is a form of loan modification where your mortgage loan is modified in a way that your monthly installment is never more than 31 percent of your gross monthly income. Let us understand more about the eligibility requirements. Eligibility Requirements: To apply for this program the applicant needs to presently reside at the house on which the mortgage payments are levied. The property should not be on rent. ( Now it has been extended) The mortgage amount should not be more than 729,750 dollars. Owners who have taken the loan for amount less than on or equal to this are eligible to file their application. The borrower must have some affirmation to prove his financial hardship. Your loan should have started on or before January 1, 2009. No police conviction issues within the last 10 years for theft, fraud or forgery, money laundering, tax evasion in connection with a real estate transaction. If you fill these eligibility conditions and are facing mortgage payment struggle then applying for HAMP could be a good decision. Before filing it do access all possible best debt consolidation options available to you. Moreover it is always advisable to take the help of a credit counselor (Government approved) in this regard that would help you in understanding the situation and application process better. You can search for such counseling agencies on the internet and fix an appointment with them.

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