March 4, 2009 - President Obama: Home Affordable Program
Please Note that NOT every homeowner qualifies for this program
With the economy being in the state that it is, a lot of people are losing their homes. The Obama’s administration enacted a program called the "Home Affordable Modification Program (HAMP)" which aims at trying to assist homeowners amidst the current housing crisis by lowering monthly mortgage payments and / or to avoid foreclosure and remain in their homes. While this program will help homeowners particularly those who are making a good-faith effort to make their mortgage payments, there are some restrictions as to who will qualify for this program.
To modify your loan through the Home Affordable Modification Program,
- Your loan has to be owned by a bank or investor who took TARP (Troubled Assets Relief Program) money.
- The property must be your primary residence.
- In addition to this the amount that you owe on your first mortgage must be less than or equal to $729,750.
- This program assists only mortgages that originated prior to January 1, 2009 and can identify a financial hardship.
What this means is that this program is only available to those who qualify, so it is not for everyone. Even if you don’t qualify for a loan Modification under this program, you can still pursue a traditional loan modification.
You DO NOT have to be delinquent to qualify for a Loan Modification. Please be wary of Scam Artists.
For more information please do not hesitate to contact us at toll free (877) 778-2308
See an example letter of the HOME AFFORDABLE MODIFICATION PROGRAM LOAN WORKOUT PLAN