What Is HAMP?
HAMP stands for Home Affordable Modification Program. It was founded by the Federal Government in the year 2009 and has been funded by them since then. HAMP provides benefits which help get a person back to shape so he could pay off his mortgage and also save his home. The benefits attached to HAMP include the reduction of monthly payment, the reduction of interest rate, etc.
Who Is Eligible For HAMP?
To qualify for HAMP, you must meet the following requirements:
- You must have gotten the mortgage prior to 1st January, 2009
- The home loan balance is $729,750 or less. This is applicable for only a single unit rental property or primary residence.
- The home loan balance is $934,000 or less. This is applicable for only a 2 unit rental property
- The home loan balance is $1,129,250 or less. This is applicable for only a 3 unit rental property
- The home loan balance is $1,403,400 or less. This is applicable for only a 4 unit rental property
- The property which is under your ownership is not condemned yet
- You could show proof that you are experiencing financial hardship. Furthermore, you are not able to make more payments on mortgage or you make payments which are not completed
- You have enough income which is able to manage a modified payment arrangement on the loan of your home. Furthermore, you have to prove this with a written document of your income
- You have never been convicted of theft, felony larceny, forgery, fraud, tax evasion or money laundering. These have to be connected to a transaction on real estate or mortgage in the past ten years.
For any kind of information on loan modification help and loan modification testing, you can visit www.loanmoddepot.com. We are here to help you out.