How HAMP Can Make Your Home Affordable Again

President Barack Obama has introduced much legislation to help the common man suffering on all sides from reduced wages, a need for greater education and increased mortgage payments.

There is only so much money any one person has to go around so the Make Home Affordable program was implemented to assist homeowners struggling with debt in several important ways.

There are in fact a handful of ways you might reduce the debt on your home right now.

The HAMP or Home Affordable Modification Program is just one of many ways you can get the payment schedule for your mortgage back on track. Even the best and most diligent people can make a late payment from time to time, or miss one altogether as emergency expenses come up, unfortunate as that is.

The PRA can actually reduce the principal of your loan and if you’re a veteran, the VA has a special version of the HAMP program just for you with better rates and easier qualifications.

Time Running Out to Sign up for HAMP

There is only about another year for needy families to sign up for HAMP and associated home loan debt reduction programs. Eligibility will end as of December 31st, 2013, unless some events transpire between now and then to extend that date.

Details concerning the qualification and application process were released about a year ago to the day. As soon as May of 2012, people were signing up for the HAMP program. It is a great boon the project has been extended for another year because many more need it.

If you weren’t fortunate enough to apply while HAMP was still in its early stages, that doesn’t mean you can’t still qualify for benefits which could potentially save you from failing to pay your mortgage.

Unfortunately, you’re going to be facing some of the most serious scrutiny in your life while trying to net those funds and other assistance. HAMP requirements include a HAMP trial period and a schedule of fixed mortgage payments which must be made on time, in good faith, for the program to continue.

Even if you do manage to get into the roster for people being helped by the Home Affordable Modification Program, that doesn’t mean you’re going to get any of the money you need.

A real need must be demonstrated with factual evidence, hard proof you can use to show you can’t pay for your mortgage as is. You must also meet a specific ratio where more than 31% of your monthly income goes to debt and bills; this is sadly very easy for some people but will help them to qualify for this program.

Home Loan Modification Lawyers Will Help

In your quest to secure some government funds and keep your house and home solvent, you will need some guidance from an experienced hand which is willing to act when the time comes and wait patiently until that moment.

In your zeal to defend your home, you will most certainly act irrationally at times. A home loan modification lawyer will give you the right kind of direction and advice you need to make the most out of a bad situation.

If it means qualifying for HAMP or other programs, you can’t go wrong getting a lawyer.

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Comments ( 4 )

[…] Make Home Affordable programs can save people from losing their houses but there are lots of forms, filing and other work to do, some of which is very complicated. […]

Home Loan Lawyers | Attorney Loan Modifications added these pithy words on Feb 03 15 at 7:32 am

[…] their homes back in the black and reduce the risk of impending foreclosure. There are the HARP and HAMP programs which both reduce rates and other assistance which can cut down the total interest owed or even […]

Hardest Hit Fund Program | Attorney Loan Modifications added these pithy words on Feb 03 15 at 7:35 am

Hi, I was wondering if you knew when the loan modification programs will end? I am in foreclosure with my mortgage from Chase bank and I was told that the HAMP program will end at the end of 2014. A friend of mine who got a loan modification earlier this year told me that the loan modification programs will continue for another year.

Thank you

Joan Whitaker added these pithy words on Dec 11 14 at 11:02 pm

Well I have great news for you. The Making Home Affordable or HAMP program has been extended through the end of 2016. However, you should not wait on applying for these loan modification programs. When a homeowner is at risk of foreclosure their bank may try and qualify them for an in-house loan modification. Having said that the approval process can take well over a year and then the homeowner will have to make at least 3 months of trial payments.

Attorney Load Mod added these pithy words on Jan 06 15 at 5:21 pm

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