The Federal HAMP Program

The Federal HAMP program was started by the Obama administration to aid the millions of homeowners that are struggling to keep their homes. It is a program that may help to lower your monthly mortgage payments by modifying your current loan terms
 
Oct. 25, 2010 - PRLog -- The Federal HAMP program was started by the Obama administration to aid the millions of homeowners that are struggling to keep their homes. It is a program that may help to lower your monthly mortgage payments by modifying your current loan terms. If you are in foreclosure you may want to research your options. There are more than 100 lenders that have taken on this program and yours may be one of them.

The current eligibility criteria are fairly strict and not everyone will qualify. Your loan must have been originally taken earlier than 2009. The balance on your property’s loan can’t be over $729,750. If you own a rental unit with between two and four apartments and you live in one of them, you may qualify and the mortgage balance limit is higher than for a single family dwelling.

You must be able to come up with full documentation regarding your income, and you must prove that your current income is causing a hardship to you and your family. You must be able to prove your residency in the property in question. They will use your credit reports and other methods to verify this. No vacant homes or investment properties are allowed, besides the owner occupied rental unit mentioned. You will have until the deadline of December 31, 2012 to attain a modification and you will only get one modification.

The lenders are given an incentive to modify loans of those who have not missed any payments thus far, but are now in jeopardy of doing so. They will have to give modification to all of those that are eligible and able to meet the criteria and the new loan terms. They will use an NPV score to determine final qualification. The NPV test tells the lender whether this loan modification will be sustainable and advantageous.

The good thing about these programs is that you could end up with a modified mortgage amount that equals no more than 31% of your household income. The downside is that when you apply, you will not receive any indication of whether you will qualify or not until the last minute, which could take anywhere from four to six months. If you are in foreclosure, the clock keeps ticking, however, so by the time you find out about the modification, you may be too late to use any other option available to you. Sometimes a short sale to an investor makes more sense. That’s one way to protect your credit from foreclosure marks and you’ll sell the home before you are evicted.

If you are in a situation where you need to sell your house fast to prevent foreclosure and damaging your credit, their is help! Contact Atlanta House Buyers from http://www.atlanta-house-buyers.com

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Need to sell a house fast? Sometimes we can be forced into positions that require a fast house sale. What can you do? Wait for a real estate agent to sell your home? And, if you don’t have much equity in your house, your options are even more limited.
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