Loan Modification Made Easier With HAMP Tier 2

Photo courtesy of Tiger Girl

If you have received a Notice of Foreclosure on your home, don’t panic. There are some effective steps you can take to avoid foreclosure, thanks to some new governmental guidelines that were just added to Obama’s ‘Making Home Affordable’ program. The changes became effective on June 1, 2012 with the main goal of making more homeowners eligible for the program and decreasing the number of foreclosures.

The ‘Making Home Affordable’ program’s new guidelines are being called the Home Affordable Modification Program (HAMP) Tier 2. Under HAMP, the qualifications for loan modification have been expanded, and deadlines have been extended to December 31, 2013. Fannie Mae or Freddie Mac loans, and those from the VA or FHA are not eligible for modification through HAMP Tier 2.

If you are a financially distressed homeowner, or are in imminent danger of foreclosure, George Veitengruber, Esq.,  will sit down with you to discuss your new, expanded options under HAMP. We specialize in loan modification and credit repair, so we are up to date on all of the governmental programs that will keep you in your home. For example, HAMP Tier 2 now allows for up to 3 mortgage modifications per individual, and has expanded to include displaced homeowners. Relief is also available for unemployed borrowers (Through HAMP’s UP initiative), who will be considered for HAMP relief once they find employment or 12 months have passed.

A requirement under HAMP is that your monthly principal and interest payments must be reduced by at least 10% after the loan modification. If this is not possible, your mortgage will not qualify for HAMP assistance. Additionally, condemned homes are not eligible to qualify for help under HAMP and the Making Home Affordable Program.

To take advantage of these governmental revisions and find out exactly how you can avoid foreclosure, give us a call today. We can explain all of the fine details of loan modification and the HAMP Tier 2 revisions as they apply to your unique situation. We can show you how to reduce your monthly mortgage payments, make life affordable again, and keep your home.