(HAMP) Home Affordable Modification Plan



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The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

  • Lower Interest rate
  • Extend the life of the loan
  • Lower the loan principal​

​​Personal qualifications

As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

Mortgage qualifications

In order for your loan to qualify for modification under HAMP, the following conditions must apply:

§  You obtained your mortgage on or before January 1, 2009.

§  You owe up to $729,750 on your primary residence or single unit rental property.

§  You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-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 mortgage payments (non-owner occupants must be delinquent in order to qualify).

§  You have sufficient, documented income to support a 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.

What if I don’t qualify or have been denied?

Unfortunately not all struggling homeowners qualify for the government modification program. Housing & Financial Educator a non-profit agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program: