The Home Affordable Modification Program can Often Stop Foreclosure
In response to the sub-prime mortgage crisis of the latter part of the last decade, the United States government instituted several programs to help homeowners and tightened regulatory controls on the mortgage industry. One the programs created was the 1 often referred to as “HAMP.” The program encourages lenders to lower homeowners’ monthly mortgage payments in order to allow them to stay in their homes. In addition, it has the added benefit of being able to stop an impending foreclosure by simply applying for the program, even if only temporarily in some cases. Under the terms of the law, if homeowner applies for a HAMP modification and there is not foreclosure sale scheduled within a week, the lender must stop all foreclosure actions until the HAMP application is processed.
H.A.M.P eligibility requirements
- You have financial hardship and are struggling to make mortgage payment
- You are currently delinquent on your mortgage payments or are at risk of falling behind
- You took out your mortgage prior to January 2, 2009
- Your property has not been condemned
- Your mortgage debt is not in excess of $729,750 for your primary resident or on a single unit rental property (loan limits are greater for properties with two to four units)
- Not all mortgage lenders and services participate in the HAMP program, so it is important to determine whether yours does before investing significant time in determining whether HAMP is right for you. Even if you lender does not participate, you may have other options to reduce your payments, so it is important to talk to an attorney familiar with the loan modification process as soon as possible.
Contact a Seattle mortgage attorney today to schedule a consultation
People who are facing foreclosure often have many options to help save their homes but are simply unaware of where to start. Fortunately for homeowners, an experienced Seattle mortgage lawyer can often help individuals stay in their homes and modify their mortgages in a way that lowers monthly payments, relieving the financial stress associated with. To schedule a consultation with one of our lawyers, call the Dickson Frohlich today at 253-572-1000 or send us an email through our .