While the United States of America is close to three (3) years into the loan modification process, many homeowners still do not understand the basic guidelines to actually qualify for this government backed program. They are as follows:


Qualification guidelines for HAMP


·                     The house to be mortgaged should be the primary residence of the homeowner and not an investment property. It also takes into account second mortgages.


·                     Your existing home mortgages should have been originated prior to January 1st, 2009.


·                     The value of your current mortgages should not exceed $ 729,750 for a single unit family home.


·                     The homeowner is required to furnish a letter of listed financial hardships along with the reasons for the loss of income.


·                     The homeowner’s existing monthly mortgage payments should be more than 31% of your gross monthly income.


·                     The homeowner needs to submit proof of regular monthly income and details of monthly expenses.


If the homeowner falls under the above mentioned guidelines, the homeowner can expect the process to take roughly 2-3 months due largely in part to the volume of homeowners attempting to qualify. . They are then put on a trial modification plan for three (3) months at which point the investor decides whether or not to extend a long term modification plan to the homeowner.




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Law Office of Ray Garcia, P.A.

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