The abbreviation of HAMP is Home Affordable Modification Program. If you are unable to pay your installments and facing foreclosure, the HAMP can be your savior. If you know a loan modification officer, you can ask him about HAMP and even take his help to avail services from HAMP. But to avail the facilities, you need to meet certain criteria and the process is rather complex. To get help from HAMP, it is best to hire a loan modification company as they have a lot of experience and can give you the right advice.
Facilities offered by HAMP
Following are some basic features and facilities that you can get through HAMP.
- You can postpone foreclosure and get more time for repayment.
- You can only avail the services of HAMP on your first residence, but second or third residences are not eligible.
- HAMP can help you reduce the principal due on the mortgage
- You can save about $500 per month if you avail help from HAMP.
Except these, there are a few other facilities that HAMP offers and you can know about these from the loan modification inspector.
Eligibility to avail services from HAMP
Before moving any further, check whether you are eligible to avail any help from HAMP or not. You must fulfill the following requirements to proceed with HAMP.
- You are way behind paying your mortgage and not in a condition to pay soon.
- You are facing financial crisis and having difficulties regarding your payments.
- You took your mortgage loan before 1st January 2009.
- Your loan must be limited to a certain amount set by the law. If mortgage amount exceeds, you can’t avail any services from HAMP.
Apart from these, there are certain criteria related to income and monthly expenditure you can know about from your lawyer.
But HAMP is not always available in all states and many mortgage companies don’t participate in HAMP. With some mortgage companies, like Bank of America, Wells Fargo, CitiMortgage and others you can avail HAMP services if you’re eligible. But if your company is not associated with HAMP, there is nothing you can do. You have to look for something else to modify your mortgage loan.