HAMP Basic Eligibility Requirements and How To Apply

Under both Tier 1 and Tier 2, homeowners must meet the following basic HAMP eligibility requirements.

You must have taken out the loan before 2009

  • The property can have no more than 4 units
  • You owe up to $729,750 on your primary residence or single unit rental property; up to $934,200 on a two-unit rental property; up to $1,129,250 on a three-unit rental property; or up to $1,403,400 on a four-unit rental property.
  • The property has not been condemned
  • You have a financial hardship and are either delinquent or in danger of falling behind on your monthly mortgage payments
  • You have sufficient and proof of income
  • You have not been convicted within the last ten years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction

To apply for HAMP, you must submit a loss mitigation application along with supporting documentation such as pay stubs, tax returns, and bank statements to your mortgage servicer. Your servicer will review your application, and if you qualify for HAMP, you will be placed in a trial period plan for three months. If you make all of your trial period payments on time and meet any other trial period requirements you will receive a permanent loan modification. For more information regarding loan modifications under HAMP, please feel free to contact our office at 305-227-4030 or email us at legal@raygarcialaw.com