The Making Home Affordable Modification is the only government modification program. The HAMP program released March 4, 2009 was implemented to help 3-4 MILLION struggling homeowners obtain an affordable mortgage payment through a combination of interest rate reductions, extending of loan terms to up to 40 years and at the discretion of the lender, forebear a portion of the principal balance to attain a mortgage payment of 31% of your gross monthly income. Making Home Affordable Program Modification is a plan created to help stabilize the housing market (H.A.S.P. - Home Affordable Stability Program). The Government Mortgage Relief Plan intends to lower mortgage payments to help homeowners who are behind on their mortgage to get current in order to save their homes from foreclosure.
Where can I learn more?
The following documents were recently released by the Department of Treasury.
1. Determine your eligibility by using the guidelines or fill out the form and our automated system will pre-qualify you. If you need immediate assistance call the toll free number at (800) 845-9333. 2. Complete the form on this page for a free loan modification consultation. 3. You’ll be contacted by a certified loan specialist who will answer your questions and submit the necessary documentation to get your loan modification approved with your lender.
Start by filling out the form on this page to register for your free pre-qualification.
Am I eligible for a Home Affordable Modification?
1. Is your home your primary residence? 2. Is the amount you owe on your first mortgage equal to or less than $729,750? 3. Are you having trouble paying your mortgage? 4. Did you get your current mortgage before January 1, 2009?
Your payment history is not a factor in qualifying you for this program. You may be delinquent or current. If you answered yes to these questions contact us to see by how much we can reduce your mortgage payment and save your home.
The Obama Administration
The Obama administration announced the Home Affordable Modification Program on March 4 2009, officially allowing up to 9 million homeowners to reduce their mortgage payments by modifying their loans. A Loan Modification is a process of modifying your current mortgage to give you a lower interest rate. This allows you to receive a lower monthly payment, without having to refinance.
The Treasury Department has allocated $75 billion in incentives to the lending community to in exchange for modifying loans within their portfolio. This includes upfront incentive fees in addition to contributing funds towards the reduction of the borrower’s monthly payments.
Obamas Home Loan Modification Plan
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“If lenders and home buyers work together, and the lender agrees to offer rates that the borrower can afford, we’ll make up part of the gap between what the old payments were and what the new payments will be. And under this plan, lenders who participate will be required to reduce those payments to no more than 31 percent of a borrower’s income. ”
Barack Obama, Feb 18, 2009
“My plan establishes clear guidelines for the entire mortgage industry that will encourage lenders to modify mortgages on primary residences. Any institution that wishes to receive financial assistance from the government, and to modify home mortgages, will have to do so according to these guidelines.”
This Website provides a free service to homeowners. The guidelines for the Home Affordable Modification Program are determined by governmental agencies and are subject to change.
