New Home Affordable Modification Program (HAMP) Guidelines and Qualification

These last few years have had many homeowners default on their mortgage. If you are one of them, you should look into the various options you may have available to you to resolve this matter. If you are employed with income coming in monthly indefinitely you may be eligible for a Home Affordable Modification Program (HAMP). If you are eligible for HAMP you may receive lower mortgage payments which can help you afford your loan in order to be able to keep your home. Effective June 1, 2012 the Obama Administration expanded the requirements in which a person may qualify for HAMP. Now included:

• Homeowners who are applying for a modification on a rental property
• Homeowners who once were not eligible for HAMP
• Homeowners who received a Trial Period Plan but defaulted on their payments
• Homeowners who received a HAMP permanent modification but defaulted on their payments

If you are a homeowner who meets any of the above-mentioned criteria you should speak to your mortgage servicer and begin your HAMP evaluation process before giving up on your home. If you have a second mortgage and have quailed for HAMP you may also qualify for Second Lien Modification Program (2MP). 2MP may provide you with a long term solution in regards to affordability and sustainability.

Ray Garcia, Esq.
Board Certified in Real Estate Law
by the Florida Bar
AV Rated by Martindale Hubbell
www.raygarcialaw.com