President Obama's loan modification program began in part to save families from avoiding the foreclosure process, but it has also helped many individuals to keep their family safe and secure in the homes they love. The program, called HAMP, stands for Home Affordable Modification Program and is part of the $75 billion dollar stimulus plan which is aimed at keeping millions of families from having to deal with foreclosure. This federally subsidized program will pay lenders to modify homeowner's mortgage loans using some standard terms which have been developed by the Treasury Department.
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The 7 benefits of President Obama's loan modification program or HAMP are as follows: Once notified, your lender will have to put the foreclosure process on hold. Your monthly payments can be reduced to 31% of your monthly gross income. Your current penalties and late fees could be waived. Past due payments can be rolled into your modified loan. Your interest rate could be reduced as low as 2%. Your modified loan term can be extended up to 40 years. The principal balance may be deferred or even forgiven. Unfortunately, not all families will be qualified for President Obama's loan modification program / HAMP program. If you can meet the following basic requirements, you will be allowed to submit a loan modification application for approval. Keep in mind most families have found experts to help them through this process in order to complete their applications quickly and efficiently. There are many documents that need to be prepped according to government rules and regulations, so having a professional handle the paperwork and phone calls will make it easier.
Here are the basic requirements you'll need to qualify for this program: Your home must be your family's primary residence. Your mortgage loan must be less than $729,750. Your current payment must be more than 31% of your gross monthly income. Your family must be facing some kind of financial hardship. Most major lenders are participating in President Obama's loan modification program, so interested homeowners are encouraged to search for the right professional service to help them through the application process. Knowledgeable service providers with the right type of experience can help cut down the time needed to have your application approved. Once your lender receives a completed application, he/she is more likely to approve it quickly if everything is in order. It's best to have things done right the first time because any delay may increase your chances of having your home placed on the auction block.
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