HAMP – Home Affordable Modification Program
Hi, I’m Derick and joining me currently is my business associate Andrea. We are the Capstone team, Bay Area short sale realtors. Welcome to our website. If you are a house owner in the Bay Area area, this blog is for you. It is intended to notify home owners on their options in this distraught market.
The HAMP program, or Home Affordable modification Program is a new government backed program that allows a homeowner to modify their mortgage a lot easier than in the past. After all documentation is provided to your lender, you will be given a response from your lender within two weeks. At one time, as lots of of us are aware, it has taken months to get a response merely to realize that we were not approved for a loan mod. The qualifications for a loan mod in the HAMP program are also a lot clearer than what you may have experienced or heard about in the past. Qualifications:
- You are living in the property and it is your primary residence
- You owe fewer than $729,750 on your property
- You have a monetary hardship
- You acquired your loan prior to January 1st 2009
- Your mortgage is greater than 31% of your gross earnings
Please remember that the decision to present you with a loan mod still belongs to your lender. Still, the new program incentivizes your bank to work with you to adjust your loan and keep you in your property. You may also be subject to bank guidelines, nevertheless, the bank has to give you a response in 2 weeks once you have applied for a loan modification under the HAMP program;
Do not hesitate to contact us if you have any questions concerning Real Estate. We are the leading short sale realtors in the Bay Area region. Thank you and have a fantastic day!
Get more help from short sale Realtors, Derick and Andrea, at The Capstone Team presented by the Short Sale Specialists of the Bay Area
