The Obama HAMP (Home Affordable Modification Program) program
has been very beneficial in helping many homeowners remain in their homes. While
not everyone qualifies, there are enough benefits to make it worthwhile, and
there is little doubt the need still exists.
Key Points to
Consider
There are several key factors you need to consider about the
Home Affordable Modification Program before you make any kind of decision. Some
of the common provisions of the federal program include the following:
- Homeowner must have purchased the home on or after January 1, 2009
- Homeowner must be able to provide documentation he can make the new modified payments
- Homeowner must be seeking modification due to financial circumstances such as reduction in income or loss of job
- Homeowner cannot have any convictions for fraud related to mortgages or real estate in the last ten years
- Lender must be able to prove it will increase its income after modification
There are more details regarding the HAMP program available,
but these are the most common ones. To speak to an expert about modification
visit Credit-Yogi.com and fill out the online form. One of our experts will be
in touch with you shortly.
Choosing Modification
as an Option
There are actually two types of home mortgage loan
modifications: federal subsidized and private. While the federal program is
more beneficial because of the limitations on payments (thirty one percent of
income after federal subsidy compared to thirty-six percent with private
modification), it helps those who do not qualify for the federal program. When
there is a choice between choosing private modification and facing foreclosure,
it’s easy to see which choice provides the greatest advantage.
Choosing a Company
Once you make the decision to enter into modification, you
will need to choose a loan modification company. While the federal program may
offer limited selections, you still want to take the time to conduct research
in order to choose the company that will meet your needs the best. Of course,
you will have many more lenders from which to choose with private
modifications, but you will also need to do more extensive research since there
are no government regulations in place for these programs.
There are more details regarding the HAMP home loan modification programs program available, but these are the most common ones. To speak to an expert about modification visit Credit-Yogi and fill out the online form. One of our experts will be in touch with you shortly.
The home affordable modification program is a godsend for
those who are having trouble making mortgage payments and are either facing
foreclosure or are in danger of doing so. The Obama HAMP program was created to
help homeowners remain in their homes in spite of economic conditions that made
it difficult. Home mortgage loan modifications are certainly not the answer for
everyone, but with the right loan modification company many more people can
hold on to their dream of home ownership.