What is US Federal Government's HAMP Program?

By: Alicia Pinder | Views: 1459 | Date: 03-Feb-2011

The federal government sponsored home affordable modification program is envisaged to modify the existing mortgage program and make the loan affordable for the homeowner. It is not easy to acquire any outline of a HAMP loan modification for most homeowners itself. Getting help of loan mod expert can help you better qualify for the program in 2011.

TheUS government loan modification program has been quite effective forthe homeowners who have not completed their mortgage payments. It isbecause such homeowners feel insecure in paying the loan mortgageamount as they are in financial scruples. In order to qualify under theHAMP, it is very necessary that the homeowner is staying in his/herprimary home. The mortgage payments to be modified should be yourprimary residence and not secondary condo. Another significantlyimportant criterion to know here is that the current mortgage repayment of the homeowner should exceed 31% of his/her pre tax grossmonthly income. The eligibility conditions under the HAMP also say thatthe total loan amount of the homeowner should not exceed $729,750. Thehomeowner should also present before the mortgage lender that he/she isnot able to make the current repayments. Those homeowners who becomeeligible for the modification of loan under the HAMP will receive thecash incentive of $5000 credit for reducing the principal debt on theirfirst mortgage. This is only possible, if the homeowners can continueto make the payments on time for a period of five successive years.

One of the most common requirements for qualifying for this program is that ‘the income should be equivalent or lower than 31% of the mortgage price'.The Obama $75 billion stimulation package struggling home owners willnot only help but will also bring steadiness in value as well asconstancy to the financial system. Under this plan homeowner can geteligible to reduce their interest rates around 3-4% or even as low as2% in some cases. – Loan Mod Expert.

Propertymarket in the US is undergoing through a bad phase as many of thehomeowners have not been able to pay the mortgage loans completely.Still there are many homeowners who have defaulted. Under the USfederal government, HAMP program was devised to make the mortgage termssimpler for the homeowners so that they can easily repay the loansmoothly. The repayment terms have been designed for the homeowner, andtheir monthly repayments are reduced to 31% of the pretax income. HAMPhas brought good news for the struggling homeowners so that they canlead a life free of worries. For the homeowners, it is very importantthat they have the understanding about the guidelines listed under HAMPprogram. Do not just follow what your lender says to you. After all, itis your home and you are concerned from it than your lender.

FederalNational Mortgage Association (FNMA) or Fannie Mae have clearlymentioned that the mortgage loan servicers have to participate in theHAMP loan modification if the servicers have received the funds fromthe government as the part of special monetary stability plan. Obamaadministration has already set forth $75 billion in case any loss issuffered by the lender as the part of this loan process. Get ready 2011with information on hamp loan modification and avail home affordablemodification program. Among the most common program under this is LoanModification Plan which helps home owner to reorganize the mortgage ofthe qualified with lower interest rates and affordable monthly mortgagepayments. This plan aims to help those homeowners who are reallyfinding hard to meet their mortgage due to the effects of downturn andare on the edge of facing foreclosures. Visit RefinanceItt.com to find more information about how to apply for hamp program.

Author Resource: Alicia Pinder is a usual writer on www.Refinanceitt.com US based loan modification companies, which provides updated information on federal home affordable modification program for millions of American homeowners who are facing foreclosure.

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