A few years back the number of foreclosures in the country reach such outrageous heights that the federal government stepped in and developed programs to help homeowners who were underwater on their mortgages. The Making Homes Affordable Act (HAMP) was put in place to provide consumers with relief from height mortgage payments that were out of line with the value of their home. The goal was to rework mortgages in a way that lowered payments, thus making the home more affordable. This relief has helped countless homeowners save their homes, and it might be the answer you are looking for if you are unable to make your current house payment.
In order to be eligible for a HAMP modification of your mortgage loan, the following criteria must be met:
- You are unable to make your current mortgage payment without significant hardship on your family.
- You are currently behind on payments, or will soon fall behind on your payments.
- You entered into your mortgage loan agreement prior to January 1, 2009.
The relief offered by HAMP is a lower payment. This is achieved through modifying your mortgage loan by either lowering your interest rate or by extending the repayment term. In either case, your payment will be lowered and hopefully more in line with your monthly budget. Not every mortgage lender participates in this program, so before you decide this is the answer for you, it is critical to learn whether you qualify and if so if your lender is willing to work with you under this program. It is also essential to know whether applying for a modification pursuant to HAMP will stop a pending foreclosure action. Courts and Judges across the nation are sympathetic to distressed borrowers, and are quick to hold lenders to their responsibility to work with borrowers when possible. If you have questions about how to save your home from foreclosure, whether bankruptcy is the answer, and what HAMP can possibly do for you, call u today.
For help with financial issues, contact us at www.DsouzaLegalGroup.com. We can help you regardless of your age or financial position. Call today to schedule an appointment with one of our debt management legal professionals.