• Clear All

What is HAMP?

After the mortgage dilemma a few years back, which caused thousands of people to go into foreclosure, the government initiated plans to assist those who were and are having problems keeping up with their mortgage payments.

The Making Home Affordable (MHA) was initiated to assist homeowners avoid foreclosure and help bring the country back to financial stabilization. HAMP is one of these programs.

Qualifications

You must be at least six payments behind on your mortgage loan (if you are up to date on your payments and just recently fell into hardship, you will not qualify).

You financed the loan before January 1, 2009

Your property is not condemned

Your loan balance is $729,750 or below

You can prove you are in a financial hardship

If you are approved (and it may take 2-3 months), you could have your loan reduced up to $500 and you may receive financial incentives as well. One of these incentives is a principal balance reduction so long as you make the payments on time.

For further information, go to makinghomeaffortable.gov.

Categories: 
Related Posts
  • Mortgage Forbearances Will Be Ending Soon – Then What?? Read More
  • Post Discharge Prosecution of a Foreclosure Action Is Not a Stay Violation Read More
  • Decrease in Real Estate Inventory Now Driving Home Prices Read More
/