Obama’s HAMP Loan Modification Guidelines : Determining Eligibility, procedure And Qualification

March 17, 2011 - PRLog -- President Obama’s federal HAMP loan modification scheme is supported by a $ 75 billion stimulus package. Typically, the plan is designed to assist struggling homeowners who are finding it hard to stay current on their monthly mortgage payments and hence could be at the risk of losing their homes. Here is some crucial information pertaining to the HAMP checklist which could guide you in your endeavor to get quickly approved for the HAMP.”

The main aim of the government initiative is to financially help borrowers in making their monthly mortgage payments more affordable as well as sustainable, which could be critical for avoiding home foreclosures. Nevertheless, in order to avail the benefits of the HAMP loan modification program, which is popularly known as the HAMP, borrowers are required to satisfy certain conditions that have mandated by the Obama stimulus plan guidelines. Here is some crucial information pertaining to the HAMP checklist which could guide you in your endeavor to get quickly approved for the HAMP.

You could qualify for a loan workout under the home affordable modification program (HAMP) and lower your monthly mortgage installments considerably if you are able meet the requirements outlined in the below mentioned checklist.

The Typical HAMP Checklist

1. HAMP Eligibility Requirements
(i) The home on which mortgages are to be modified need to be your primary residence.
(ii) Your existing mortgage loan should have originated on or before 1st January, 2009.  
(iii) Value of your current home needs to less than $ 729,750 for s ingle unit home, could be higher for multi units.
(iv) Existing monthly mortgage payments need to be more than 31% of your gross monthly income.
(v) You should be able to document your financial hardships.

2. Process of filing HAMP Application
(i) Contact your loan modification lenders and request them to be considered for the HAMP mortgage modification plan.
(ii) Draft an “Affidavit Of Financial Hardship” enlisting valid reasons that are responsible for the financial hardships.
(iii) Prepare a financial statement to project the details of your monthly income and expenses.  
(iv) Get a borrowers statement readied.
(v) Furnish 2 copies of recent pay stubs and one copy of the last income-tax returns.
(vi) Submit bank statements for the past two months.  

3. Determining HAMP qualification
(i)Calculate your target payment by using the Obama loan modification plan guidelines.
(ii) Determine your debt ratio to find out if you can satisfy the criteria for approval and meet the target payment.
(iii) Make necessary adjustments in your financial statement as well as your budget to project the correct amount of disposable income along with the target payment.
(iv) Complete the application proposal package by ensuring its accuracy and submit it to your lenders.

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