I am upside down on my mortgage! I cannot pay my mortgage! I received a notice of default! I am facing foreclosure!
You’re not the only one. In fact, one in every 239 homes in California is currently defaulting on a mortgage loan. So you’ve heard that a loan modification can help you keep your home and you are now wondering if you qualify for one. The Homeowner Affordability and Stability Plan (also known as the “Making Home Affordable Program” or HAMP), put in place in 2009 by the Obama Administration, was designed to assist at risk homeowners (i.e. delinquents and those whose default is imminent) avoid foreclosure by providing affordable mortgage loans through restructuring or refinancing their mortgages. In other words, you may be able to reduce your monthly mortgage payments to one that fits your budget.
The HAMP is aimed at helping those who were dedicating greater than 31% of their gross income toward their mortgage payments (housing expense to income ratio), thus, if you met the requirements, your payment could be reduced by 31% of your gross income.
What are some of the eligibility requirements?
- Your mortgage must have originated on or before January 1, 2009
- You’re facing imminent risk of defaulting on your loan or are currently behind on your mortgage payments
- Properties are single-family 1-4 unit primary residences (condo, cooperatives, Single-Family etc.)
Understanding the all of the HAMP program eligibilities and modification process may be a daunting task. Consulting professional assistance with a real estate attorney can increase the chances of receiving a home loan modification.
If you’re having trouble paying your home loan, many mortgage lenders are willing to work with you, particularly if you currently are in an adjustable rate mortgage or high interest rate.
Contact our expert Orange County real estate attorneys at the Manning Law Offices if you’d like to learn how you can save your home in a swift manner! We’ll help you find what program fits best for you.
