HAMP Home Loan Modification – Apply Now For Free Consultation To Stop Foreclosure

MARIETTA, Ga. - March 11, 2013 - PRLog -- He’d heard of HAMP home loan modification, but had no idea how to obtain it. Fortunately for Pete, Credit-yogi.com can offer tips about HAMP assistance, including:

•    What HAMP Is
•    Defining Mortgage Modification
•    Eligibility Requirements
•    Where to Apply

HAMP Defined

The acronym HAMP stands for Home Affordable Modification Program. This is a plan developed by the Obama administration to help homeowners having difficulty making their mortgage payments. Loan modification through HAMP can save property owners up to 40% on their mortgage payments. The idea is to alter a person’s home loan to make it easier for him to afford the payments. This can be done through several methods which will be discussed below.

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Clarifying Mortgage Modification

Pete, the gentleman spoken of above, has had a modicum of success as an inventor of gadgets. When one of his creations isn’t quite right, he changes it a bit to make it better. The same idea applies to the HAMP loan modification program. Modifying a mortgage loan is simply making changes to it so it’s more affordable. These changes can be reducing the loan principal, lowering the interest rate, or lengthening the repayment period. Any of these alterations to the original mortgage will make it easier for the homeowner to handle.

Qualifications for HAMP

When HAMP home loan modification was first developed, the eligibility requirements were not quite broad enough to help all of the property owners who needed assistance. In 2012, the qualifications were updated. A person must have obtained the original mortgage on or before January 1, 2009. He must be able to provide proof of financial hardship and of his ability to afford the adjusted payment. He does not have to reside on the property to be modified as long as it is rental income property, and it must not be condemned. There are more requirements for HAMP which can be found on the HAMP website.

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Applying for HAMP Help

If the original lien holder does not have an in-house program to change the terms of a mortgage loan, applying for loan modification through HAMP is the next step. To apply, go to any participating lender. Bring proof of income, financial difficulty, and condition of the property to be modified and go from there.
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