You have found that keeping up with your mortgage repayments is now becoming a problem and you have heard about a scheme called HAMP but you are not sure if you would be eligible for such a scheme after considering your current situation. Well, firstly HAMP was created in order for homeowners who had been devastated by financial hardship due to their expenses increasing or a reduction in their income. So if you have been affected by any of these problems you may very well be entitled to make an application for a modification to your loan.
In order to see if you meet the criteria the following reasons will give you some idea of your eligibility:
- You are unable to keep up with your mortgage payments because of financial hardship
- You have or are falling behind with your mortgage
- The property you live in is not condemned
- You were given your mortgage before or on January 1, 2009
- In the last ten years you have not been convicted of a crime that involved real estate or a mortgage transaction
- You owe on your primary residence money up to the sum of $729,750
- Or you have a rental property that is one to four units, if you have more than that the loan limit will be higher
Avoid Foreclosure and get a loan modification with lower payments.
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