Bellingham Neighborhoods: The Lowdown on the HAMP Program

The Lowdown on the HAMP Program

So the lowdown on the HAMP program is that it's part of the Home Affordable Modification Program that is supposedly structured to help keep homeowners in their homes by making their homes affordable.  

Here are the requirements that the the program is looking for you to meet.

1. Deliquency on your mortgage or serious risk of default

2. Property must be owner occupied

3. Mortgage was originated on or before 1/1/2009

4. Principle balance can be higher than $729,750

Modifications may consist of one or more of the following to adjust the payments to a more affordable payment (around 31% of gross income).

1.  Interest rate reduction (as low as 2%)

2.  Term increase of up to 40 years

3.  Principle write-down

 

I hope this info. was helpful.  If you have questions about this or other programs don't hesitate

 to give me a call or shoot me an email.  I'd be glad to help.  

Tara Camp ~ 360-296-3244 ~ Short Sale & Foreclosure Help

 

Comment balloon 3 commentsTara Camp • August 14 2010 01:49AM

Comments

I believe that the HAMP and HAFA have been a complete failure in our area and the country.

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) about 8 years ago

Hi Tim~

Thanks for reiterating that again tonight.  I too know that it's not the best program, but then again what is the best program?  In my opinion they're both designed for the lenders & the govt.  They are trying to crutch the system as much as possible and by offering these programs they are creating false hope for the most part and creating a lot of shadow inventory.  With that being said, homeowners deserve to know what's available to them and the choice of deciding which route to take.

Thanks for provoking my mind:)

~Tara

Posted by Tara Camp (Keller Williams Western Realty) about 8 years ago

useful and interesting facts Tara. thanks for sharing.

Posted by Houman Shahi (Coldwell Banker Residential Brokerage) about 8 years ago

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