The Making Home Affordable Program (HAMP) is a government designed loan modification program that was implemented by the Obama administration. This program allows homeowners, who have faced a financial hardship, to receive a modification on their home loan. This modification can get someone's mortgage loan payments down to 31% of their current gross income. Here, are the basic requirements needed to qualify for the HAMP program.
1. The home, that you want the modification, must be your primary residence. So, the house can not be a rental property or a vacation home. But, you can use the HAMP program, for a multi-dwelling housing unit if you live in one of the houses.
2. The amount on your fist mortgage must be equal or less than $729,750. This amount is increased if you own a duplex, tri-plex or a fourplex.
3. You must have suffered some form of hardship. Examples of a hardship would be that you have lost your job, an adjustable rate mortgage has increased on your primary house, you have outstanding medical bills, and numerous other incidents has resulted in your financial expenditures being increased.
4. You current mortgage must have been finalized before January 1, 2009.
5. Your payment on your first mortgage, including the principal, interest, taxes, insurance, and HOA dues) must account for more than 31% of your gross monthly income.
These are the basic requirements under the HAMP program. If you have any questions you should get proper legal advice. Also, you may even be able to get a free consultation. Above all, do not put your head in the sand. This problem will not go away. Additionally, in order to qualify for the HAMP program, you do not have to be behind on your mortgage payments. So, start the process ASAP.
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