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Home Affordable Modification Program : Qualify Today to Save Money

If you are facing troubles with your monthly mortgage payments and feel that you are likely to miss few instalments soon then you may apply for the “Making Home Affordable Modification Program” of 2016. By qualifying for the HAMP loans, you have the opportunity to bring your mortgage debt payment within sustainable levels and thus, prevent your home from getting foreclosed. You can also get help for HARP, HARP 2.0 and HARP 3.0 from our experts.

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An Overview Of The Home Affordable Modification Program Guidelines – How It Works?

  • Qualification and Affordable Payment Calculation – Financially distressed homeowners must show they are facing great hardships while paying their monthly mortgage instalments to their lenders and present their case for review. If eligible for a HAMP loan modification then affordability of monthly payment can be determined. Borrowers will then sign “Trial Loan Modification” agreement and pay first modified instalment to lender.
  • Trial Modification Plan Period – The typical time frame for a “Trial Loan Modification” plan runs into a 90 day period during which HAMP mortgage modification qualified borrower must ensure that all modified monthly mortgage debt payments are being paid in full and on time. The “Trial Loan Modification” period begins with signing of agreement.
  • Permanent Loan Modification – On successful completion of “Trial Loan Modification” period, a homeowner can qualify for a HAMP loan modification program and sign an agreement with lender to that effect. If borrower keeps current with the modified mortgage payments then after a period of 5 years he may secure some additional benefits too.

Home Affordable Modification Program HAMP : What Lenders Do to Lowering Monthly Payments?

By qualifying for the HAMP refinance program, your existing mortgage loan lender will consider any of the following things to make sure that your monthly mortgage payments become affordable.

  • Lower interest rate drastically
  • Reduce unpaid principal loan balance
  • Extend the duration of the loan for up to 30 years

HAMP Mortgage Modification Program : Benefits Offered by Mortgagrefinance101

The HAMP mortgage program is specifically designed to help homeowners, who are deep into financial distress, in lowering monthly mortgage debt payments and bringing them down to more manageable levels. By getting your home loan restructured under HAMP loan program, you could accrue the following benefits.

  • Lower your monthly mortgage debt instalments substantially.
  • Save lot of money on interest payments and even unpaid principal loan dues in some cases.
  • Avoid possible home foreclosure and put an instant stop to collection calls from recovery agents.
  • Restore your credit rating within a sustained time frame and ensure overall reduction in your stress level.

Check Your Home Affordable Modification Program Eligibility Online Today

Some basic HAMP modification requirements have to be satisfied by homeowners to get their monthly mortgage payments modified. These are as under:

  • Current mortgage must have been approved before 2nd of January, 2009.
  • Homeowner must give proof for having sufficient income for paying modified payments.
  • Financial hardship situation has to be well documented and letter must be drafted accordingly.
  • To qualify for HAMP loan modifications, the house in question should be a single unit home and must be applicant’s primary residence with unpaid principal loan dues not exceeding $729,750.
  • Homeowner must not have not have been involved in a serious mortgage fraud during the last 10 years.
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Home Affordable Modification Program HAMP : Learn How to Apply Online

The HAMP mortgage modification program process requires eligible homeowners to prepare and furnish correct as well as accurate paperwork. This could be as under:

  • Complete a mortgage assistance form (available on makinghomeaffordable.gov website)
  • Provide copy of IRS Form 4506T-EZ or IRS Form 4506-T
  • Give copies of some very recent paystubs for income verification purposes
  • If self-employed, you need to offer copy of latest profit-loss statement to your lender
  • Give copy of updated bank statement and also provide details of additional income, if any. Proof for receipt of Income drawn from pension benefits, deposit interests, alimony or child support, social security, etc., can be offered.

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