HAMP was designed to take each borrower into consideration as stated in their guidelines, set out by the federal government. Well, at least in theory anyway. The process should be simple and straight forward, as long as you meet the criteria, and if you are eligible your loan can then be modified.
To meet the eligibility requirements, you must either be in danger of defaulting on your home or in default. You must have got your mortgage before January 1st, 2009 or on that date, and your repayment amount has to be over 31% of your entire monthly income. However, when it comes to requesting a mortgage modification it has to be on your primary home, and you must not owe more than $729,750 on your loan.
You will also need to have a letter of hardship, or documented hardship in the form of divorce papers, loss of job to name but a few. Although, you make the request for your loan modification you must still be able to keep up with the new repayments and be able to show that this is the case. So proving your income will be something else that you will need to be able to prove, in the form of pay stubs and tax returns etc.
Now the last thing you will need to do in order to qualify for HAMP long term, is the successful completion of a trial period which will be for 3 – 4 months, where you make every payment in full and on time. If for any reason you fail to stick to this, you will have to wait a full 12 months, until you are able to reapply for a modification through HAMP again. If your trial is successful, then your lender has to put you on a plan that is permanent.
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