What is the Affordable Home Modification Program (HAMP) Team Thayer #realestate #foreclosure #realestateinvestor #oregon
What is HAMP?
HAMP is designed specifically to help homeowners impacted by financial hardship. The goal of a HAMP modification is to reduce your monthly mortgage payment to 31% of your gross (pre-tax) monthly income. If eligible, the modification permanently changes the original terms of your mortgage.
A modification may be an option if:
You are ineligible to refinance
You are facing a long-term hardship
You are behind on your mortgage payments or likely to fall behind soon
Your loan was originated on or before January 1, 2009 (i.e., the date you closed your loan)
Changing the mortgage loan type (e.g., changing an Adjustable Rate Mortgage to a Fixed-Rate Mortgage)
Extending the term of the mortgage (e.g., from a 30-year term to a 40-year term)
Reducing the interest rate either temporarily or permanently
Adding any past-due amounts, such as interest and escrow, to the unpaid principal balance, which is then re-amortized over a new term
Gather your financial information—Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:
your mortgage statements, including information on a second mortgage (if applicable);
your other monthly debt payments (e.g., car or student loans, credit card payments); and
your income details (paystubs and income tax returns).
Explain your current situation—Be ready to outline your current hardship and explain why you are having trouble making your mortgage payment and if this is a short-term or long-term problem. Your mortgage company will need to understand the reasons why you are having difficulty in order to find the right solution for you.