Under the Home Affordable Modification Program (HAMP), many Americans are eligible for a mortgage modification with more favorable terms than many current mortgages. For hundreds of people, this program has helped them to avoid foreclosure, rescuing them from underwater mortgages and enabling them to continue to make regular payments on their home despite financial hardship.
Mortgage Modification Under HAMP
HAMP provides for those who meet the eligibility requirements to be able to get a mortgage modification resulting in a significantly lowered interest rate on their loan. In 2012 Barack Obama expanded the original eligibility requirements to include even more homeowners in distress, meaning that now more people than ever are able to take advantage of this government program to relieve their debt burdens.
In order to qualify, you must have had your mortgage prior to 2009; you cannot owe more than a certain amount on your mortgage (currently at almost three quarters of a million dollars); and the property must not be condemned. These conditions are the basics, at which point you must be able to demonstrate financial hardship, but still be able to demonstrate gainful employment. In other words, you must be employed and making enough money to be able to afford the new mortgage payment under the mortgage modification process through HAMP, but not enough to be able to make your mortgage payments as they currently stand. In addition, you must have a clean criminal record that includes no convictions related to real estate transactions or mortgages.
If you qualify, you should certainly take advantage of the HAMP program to get a mortgage modification that will ease your financial burden and lead to a better life for you and your family.