Monday, July 11, 2011

5 Basics to Know About the Government's Mortgage Loan Modification Program.

5 Basics to Know About the Government’s Mortgage Loan Modification Program (“HAMP”)

  1. The Home Affordable Modification Program (“HAMP”) is intended to help homeowners avoid foreclosure by modifying their mortgage loans so that the payments are affordable both now and over the long term, and can thus be made.

  2. Not all homeowners qualify, and not all mortgage loans qualify.

  3. Both FHA and private loans may qualify.

  4. HAMP is designed for primary mortgage loans, not secondary mortgage loans.

  5. Homeowners with no income usually will not qualify.

 This is the first article in a July, 2011 series about the U.S. Government’s Home Affordable Modification Program (“HAMP”). The next article will discuss who may qualify for a HAMP loan modification. McGrath & Spielberger, PLLC provides professional foreclosure prevention negotiation services and also helps homeowners attempt to obtain a mortgage loan modification.