subject: Learn How To Qualify For Making Home Affordable Program [print this page] If the payments on your existing mortgage are not affordable to you or you are likely to face foreclosure, you can now get rid of this trouble and modify your home loan with a mortgage modification program, Home Affordable Modification Program HAMP. HAMP is introduced by the Obama administration and it aims at helping struggling homeowners by modifying their mortgage payments and thus making it affordable as well as sustainable. The federal government has also taken this initiative to reduce the rising level of real estate crisis in the U.S. Prior to applying for any modification program, it will be in your best interest to take a professional mortgage loan modification help from a reliable and knowledgeable attorney and know how HAMP works and how to qualify for it.
In order to get instantly qualified for Obama administration"s broad strategy known as Making Home Affordable Program HAMP, borrower is required meeting few eligibility standards:
1.Homeowner should have obtained his mortgage on or before 1 January, 2009.
2.Homeowner must owe up to $729,750 on his primary residence (a single unit rental property) to get benefited with the Home Affordable Modification Program HAMP.
3.Homeowner must have a financial hardship and should be either delinquent or in danger of falling behind on his mortgage payments.
4.Homeowner needs to have sufficient documented earnings so that he can pay necessary modified payments on time.
5.Homeowner who was earlier convicted of theft, fraud, tax evasion, etc. in connection with real estate or mortgage transaction will not be able to qualify for federal government"s Home Affordable Modification Program.
Some of the benefits of taking advantage of mortgage modification program HAMP include:
1.Lower interest rates
2.Lower monthly payments
3.Favorable loan term
Apart from eligibility standards, you must also be well-versed with the process requirements of HAMP. For this, it is important for you to meet with a USloanz loan modification attorney to first figure out which modification program will help you the most to get you out of mortgage payment troubles and how to meet that program"s eligibility requirements well. There are also few private modification programs being offered by various mortgage servicers of the industry. Besides, there are modification programs for both first and second mortgages. Thus, a lawyer for loan modification might be your best guide you tell you fairly which program will allow you to save significant amount of money on your mortgage payments with modification. Besides, he will also explain to you the actual process requirements of the program. Over and above, if there is a modification attorney to assist you, you will be saving a great level of time and energy also throughout the entire modification process.
Before you take an initial step of applying for a modification program HAMP to get rid of unaffordable mortgage payments, you must learn what it takes to get approved for it. The reason why one should take help of a loan modification attorney is that lawyers have a complete understanding of how Making Home Affordable Program"s HAMP works and how to qualify for it through less time-consuming and strain less process. Just find out a mortgage modification attorneys for loan modification assistance and improve your chances of getting quickly qualified. An online certified mortgage service provider agency can help you to locate the most competent attorney.
