The Home Affordable Modification Program (HAMP) has been updated as of January 27, 2012

PRLog (Press Release) - Feb. 7, 2012 - The Treasury Department has made some changes to the Home Affordable Modification Program (HAMP) in an effort to help more distressed homeowners modify their existing mortgage loans.  First they have extended the deadline from December 31, 2012 to December 31, 2013.  Additional debts may now be taken into account, expanding homeowner eligibility requirements.  In the past, rental properties were not considered for the program, now they will be considered in eligibility decisions.  
As far as the balance reduction, in the past, HAMP would pay between 6 cents and 21 cents for every dollar that lenders take off mortgage principal.  Now, HAMP has increased the amount to between 18 cents and 63 cents for every dollar that lenders take off the mortgage principal.
In the past, Fannie Mae or Freddie Mac loans were not eligible under HAMP, now Fannie Mae and Freddie Mac guaranteed loans are eligible under the new expansion of the program.
The eligibility requirements that are still in place are that if a borrower is less than 60 days delinquent, they must prove that they are in imminent danger of default.  If they are not in imminent danger of default, they must be delinquent for 60 days or more.  The mortgage must have been originated on or before January 1, 2009 and there must be affirmation of a financial hardship.
If the HAMP program is not an option, the next best plan may be a short sale.  For more information regarding how a Certified Distressed Property Expert can help with a successful short sale visit http://www.CaShortSaleInfo.com.  There is also a free report on the best foreclosure alternatives. You can also visit http://www.RogerHornRealty.com and search for Short Sales currently for sale.

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Roger Horn is an award winning Realtor® with Pinnacle Estate Properties representing the buyers and sellers of residential real estate since 1986.
Known for his professionalism and problem solving skills, Roger has extensive experience listing and selling residential properties throughout Southern California. Roger’s expertise includes communicating effectively with all parties to the transaction, preparing and marketing homes for sale, working with home buyers, negotiating purchase agreements and following through with the myriad of details required to close any real estate transaction.
Roger is a CDPE® (Certified Distressed Property Expert) and has had extensive experience helping solve various real estate issues from probate, trust sales as wells as short sales and bank owned properties.
His commitment to excellence in service and constant communication with clients make Roger the clear choice for all your real estate needs.

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