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.