Home Loan Modification (HAMP)
Home Affordable Modification Program (HAMP)
If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.
Eligibility*
You may be eligible to apply if you meet all of the following:
- You occupy the house as your primary residence.
- You obtained your mortgage on or before January 1, 2009.
- You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
- You owe up to $729,750 on your home.
- You have a financial hardship and are either delinquent or in danger of falling behind.
- You have sufficient, documented income to support the modified payment.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
*Eligibility criteria is for guidance only. Contact your mortgage servicer to see if you qualify for HAMP.Get more information on how to apply for a modification.If you qualify for HAMP and also have a second mortgage, you may also qualify for the Second Lien Modification Program (2MP).
HAMP Program Video - Part One
HAMP ProgramVideo – Part Two
admin
Specializing in Costa Mesa Real Estate and homes for sale inculuding- Foreclosures, REO's, Costa Mesa Short Sales, Distressed Homes and MLS Searches Throughout Orange County. The ability to adapt to ever-changing market conditions has enabled Kurt to thrive even in the most challenging of times. His thorough knowledge of the industry- from residential and commercial transactions, to new construction and development, to short sales and REO properties- ensures he is always available to meet the needs of his diverse clientele. Kurt’s concierge-level service is a professional signature; he has built a team of Costa Mesa real estate professionals, The Kurt Real Estate Group, designed to care for each client’s unique needs. “Successful real estate professionals should operate with integrity, in-depth community and market knowledge, excellent negotiation skills, effective marketing plans, and a strong network of industry-related professionals,” observes Kurt. “In my business, another integral element is the ‘client-first’ philosophy with which I operate. I pride myself on being a good listener and an effective communicator, responding quickly and efficiently to my clients’ needs.”
