If you are in foreclosure or have been, you probably heard of Home Affordable Modification Program or HAMP. Many have benefited from this program as it has given many opportunities to keep their homes. If you haven’t heard about HAMP, please pay close attention as you may be eligible to participate before the program expires on December 30, 2016.
Are you in Foreclosure?
If you are in foreclosure or pre-foreclosure proceedings and would like to avoid being foreclosed this may be your answer. HAMP is a program created to help make mortgage payments affordable. It was created by federal government for Fannie Mae or Freddie Mac Loans and expanded to other mortgage companies such as JP Morgan Chase Mortgage, Nationstar Mortgage, Wells Fargo Mortgage and many of other participating mortgage companies.
How does HAMP Modification work?
The purpose of a HAMP Modification is to help those who have been impacted by a long-term financial hardship and can’t refinance their homes. HAMP Modifications help by reducing interest of your loan, changing its terms and extending the life on your mortgage. Obtaining a modification may help you by reducing your mortgage to about 30% of your monthly income.
Who qualifies for HAMP?
If your loan was originated before January 2009 and you would like to know how to apply for this program before it expires I would suggest contacting a Foreclosure Defense Attorney. HAMP applicants must submit complete applications before December 31, 2016. All submissions after that date would not be eligible for this specific program. Your attorney will give you the best options, advise you of other participating programs that you may qualify for and best of all save your home from foreclosure.
Contact William Whewell at Rosenberg, Miller, Hite & Morilla for a consultation to discuss your options. 203.870.6700
By: Stephanie Martinez