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