HAMP Home Affordable Modification Program
Home Affordable Modification Program (HAMP)
If you are having a tough time making your mortgage payments the HAMP program might be for you. The HAMP program better known as the Home Affordable Modification Program was designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for the homeowners and sustainable over the life of the loan. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to help make your payments more affordable. The typical HAMP mortgage modification results in a 40 percent drop in monthly mortgage payments and an 18 percent of HAMP homeowners reduce their payments by $1,000 or more.
In Order for you to be Eligible for the HAMP program you must meet the following criteria:
You obtained your mortgage on or before January 1, 2009.
You occupy the house as your primary residence in other words you live in the house you are modifying.
You must be delinquent, falling behind and in the process of risking a complete default on the mortgage.
You have a mortgage payment that is more than 31% percent of your monthly gross (pre-tax) income.
You owe up to $729,750 on your home.
You have a financial hardship and are either delinquent or in danger of falling behind.
You have sufficient, documented income to support the new modified payment.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
You must contact your current mortgage service provider to see if they are signed up with the HAMP program. Here is a list of the banks that are now on board with the HAMP program.
Accredited Home Lenders
Acqura Loan Services
American Home Mortgage
Aurora Loan Services
BAC Home Loan Servicing (formerly Countrywide)
Bank of America click: http://homeloanhelp.bankofamerica.com/en/home-affordable-modification.html
Carrington Mortgage Services
Chase Mortgage click: http://myloanmodificationcenter.com/blog/tag/chase-loan-modification/
Citimortgage click: https://www.citimortgage.com/Mortgage/Home.do?page=homeowner_assistance
Homecomings Financial (GMAC Mortgage is now servicing their loans)
HSBC Financial Beneficial
HSBC Financial HFC
HSBC Mortgage Services
HSBC Mortgage Corp.
Litton Loan Servicing
Residential Credit Solutions
Roundpoint Mortgage Servicing
Select Portfolio Services
Wachovia (now owned by Wells Fargo)
Be sure to check with the above mortgage service provider to see if they are participating with the HAMP program. You can also find additional information regarding these programs at the following link: http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx