To know more about HAMP, it’s suggested you avail the free and non-binding consultations and help offered by MortgageITT’s HAMP attorneys who can call you, and answer your queries.

Qualifying For The Home Affordable Modification Program

To become eligible for the making home affordable modification program (HAMP), the applicant should meet the following criteria:

1. The applicant should own the home and must be occupying it i.e. staying in it
2. The home should be the primary residence, and the fact needs to be verified through IRS tax returns, credit card reports, or other proof proving the address such as a utility bill
3. The home should not be owned by any investor
4. The home should not be vacant or condemned
5. If a first lien loan has been taken, it should have an unpaid principal balance equal to, or less than:
• 1 unit = $729,750
• 2 units = $934,200
• 3 units = $1,129,250
• 4 units = $1,403,400

Besides the qualifying criteria, the home affordable modification program HAMP also supports the following types of applications:

• If the applicant has filed for bankruptcy, he or she is still eligible for the HAMP loan modification
• Applicants having ongoing mortgage litigation can also apply for the HAMP modification without waiving their legal rights

As a loan modification processing company, MortgageITT unlike many other loan modification companies, offers specialized counseling and help in determining your specific hardship.

Key Benefits Of Home Affordable Modification Program

Once the applicant qualifies for the making home affordable modification program, it’s possible to avail the key benefits which include:

1. Reduced interest rates

Your net payable interest rate can be reduced to as low as 2%.



2. Loan term extension

Through the HAMP, it’s possible to extend your loan term by as many as 40 years maximum depending upon some factors such as your age and health status.



3. Forbearance

Stop your lender from imposing a foreclosure, or prevent him or her from levying high penalties and late fees through a forbearance agreement.

Avoiding Home Foreclosure Through HAMP And Saving Your Home

Besides the benefits offered by the home affordable modification program, the biggest advantage the applicant has is any or all foreclosure related activity initiated by your existing lender is temporarily suspended during the trial period, or if the applicant is considered for any alternative foreclosure prevention program or option. If you’re facing a foreclosure, or you’re likely to face a foreclosure in the near future, HAMP is the best way to stop foreclosure and save your home.

It’s equally important to note that in case you fail to successfully clear your home affordable modification HAMP trial period, your lender has the legal option to resume the foreclosure and impose it once again. That’s where MortgageITT’s HAMP attorneys and professionals can help you by providing effective counseling during your trial period, and ensure you clear it successfully so you can save your home.

MortgageITT’s HAMP Services

Obama home affordable modification program has a lot to offer, and even though it’s not that difficult to qualify for it, it’s very important to prepare your home loan modifications in a planned and organized manner, and ensure your application is properly drafted and includes all the necessary documents. The second issue is working out your loan modification in a way it suits and benefits you the most. MortgageITT’s HAMP professionals can work out your exact requirements after studying your debt conditions and analyzing your mortgage status. Our HAMP attorney can negotiate with your lender and try to waive any late fees or penalties to reduce your mortgage debt burden. Besides helping you out with your HAMP application, our HAMP attorneys can also help in the forbearance process if it’s required to avail it, and save your home.

What to do now?

The key benefits offered by HAMP also depend upon your particular credit report and your mortgage status. Even though federal government and other websites claim HAMP offers significant benefits, it’s a fact the extent of benefit you can avail depends a lot upon the nature of your HAMP application, and your hardship letter. It’s imperative you work out both in the proper way. Please provide us your contact details by filling up our online application form so our HAMP attorney or expert can call you as per your convenience and time and guide you with your HAMP application.