HAMP Home Affordable Modification Program : Many Ways HAMP Can Help Homeowners

Homeowners who are struggling to make their monthly mortgage payments may feel helpless and afraid that they’ll lose their homes to foreclosure. Fortunately for these folks, foreclosure rates have decreased recently, meaning fewer property owners have to face it. The following will examine how government-sponsored financial assistance like the HAMP (home affordable modification program) can help a family stay in its home.


Phoenix, AZ -- (SBWire) -- 12/11/2012 --The home affordable modification program developed by the Obama administration is meant to help all kinds of property holders keep their homes. The program can help lower a mortgagee’s payment by as much as 40% or it can allow a longer time to pay the loan off. Either of these makes it easier for a homeowner to handle his mortgage, and that is what HAMP is all about. In 2009, when it first came into being, there were some rather tight requirements to qualify. Some of them were that the applicant had to reside in the house he was requesting modification for and his debt-to-income ratio could not be less than 31%. Now, these requirements have changed somewhat. The owner does not have to live on the property he is trying to modify the mortgage on, and his debt-to-income ratio can be lower than 31%. This opens the door for assistance to hundreds of thousands of homeowners who did not previously qualify for HAMP.

HAMP – the home affordable modification program sponsored by the government – has expanded the parameters for those who can qualify for the program to include those who have previously been approved for HAMP but defaulted during the three-month trial period, those that have become unemployed, and those seeking to modify their second mortgage. Believe it or not, a person may re-qualify for HAMP despite defaulting on his loan modification previously. The government wants to give these people another chance to benefit from HAMP, so it makes it possible for them to start over. If an individual loses his job and can no longer make his mortgage payments, part of HAMP called UP can reduce the payments or completely eliminate them for up to a full year while he looks for work. Also, surprisingly enough, if a homeowner needs to change the terms of (modify) his second mortgage loan, he can do it if he can show proof of financial hardship and of his ability to handle the new, lower payment. Overall, the HAMP plan to keep people in their homes is making a difference one house at a time.

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