HAMP stands for Home Affordable Modification Program. This program is aimed at providing affordable homes. Loan modification inspector at loanmoddepot.com can help you understand all the features of HAMP.
- HAMP provides you with affordable payment options by manipulating the rate of interest, changing your term period and decreasing the principal amount.
- The people who opt HAMP generally save upto $500 every month.
- With the help of HAMP you can either have a property to rent on or you can buy a home for permanent residence.
- If you have a loan which is more than the worth or your home, then you are automatically entitled for reduction in principal amount.
- Make all the payments on time and about $10,000 can be deducted from the principal amount.
You have to meet the following requirements to be eligible for HAMP. They are
- You are not able to make the mortgage payments because you are financially struggling.
- You are falling behind and already have delayed your mortgage payment.
- You have a mortgage whose date is before 1st January 2009.
- Your property is not help in any conflicts.
- Your mortgage should be upto $729,750 on your one to four unit property which is rental.
Loanmoddepot.com can evaluate your eligibility at a low loan modification cost.
There are certain set of rules which must be followed after you have enrolled in the HAMP program. The MHA Handbook has all these rules. Before or after enrolling in the HAMP program, you can go through these rules to understand the terms and conditions of the HAMP program. Loan modification consultant at Loanmeddepot.com can help you in understanding all these rules. The background of the HAMP program works with a complex algorithm known as net present value (NPV) test.