Home Affordable Modification Program
orHAMP
is intended to save as many as Several Million financially challenged homeowners steer clear of foreclosure by modifying the current loan to a reasonable amount that is very affordable in favor of borrowers at the present and maintainable over the Outstanding term. The program offers transparent and dependableloan modification
rules that the complete mortgage industry can benefit from.Borrower enrollment is accomplished when meeting special criteria together with:
1) Borrower is past due on their mortgage or faces forthcoming chance of non-payment
2) Property is occupied as borrower's primary residence
3) Mortgage was initiated on or previous to Jan. 1, 2009 along with the outstanding principal balance should be no larger than $729,750 for one-unit properties.
After deciding a borrower's
eligibility
, a servicer will engage a progression of actions to modify the overall mortgage payment to 31% of a borrower's whole pretax monthly revenue: Initially, condense the interest rate to as low as 2%, After that, if required, expand the mortgage term to 40 years.
To finish, if essential, abstain (postpone) a quantity of the principal until the mortgage is paid off along with waive interest on the delayed total. Make a note of: Servicers may possibly choose to pardon principal under HAMP on a unrelated basis or previous to any modification process in order to complete the intended monthly mortgage payment.
Fill out the Form Today and One of our Experienced Modification Experts will contact you with in 24 hours for a free Consultation to see if you Qualify!
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