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Have you heard of HAMP? The Home Affordable Modification Program

Profile picture for Ellie Cerasuolo
Not HARP, but HAMP....the Home Affordable Modification Program is another component of government's mortgage rescue plan.  It can reduce your payments up to 31 % of your pre-tax income.  Most home-modification programs offer a trial period of several months in which you make reduced payments.  Generally, if you don't miss a payment during this time, you will receive a permanent loan modification.  If you want help, call your lender...don't wait until you're late.  However, if you need to modify, be persistent and keep records of every one you speak to.  
     Homeowners 62 or older have another option; a reverse mortgage. 
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January 11 - Pasadena
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Profile picture for Sharon Lewis
Here's the link to HAMP
http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx 
You know what I would love to see though, is people who had to move for work and had to rent their 'primary' home be allowed to refinance at the rates a primary home or vacation home gets. I see a lot of owners in this situation, they dont want to rent their primary home but had to move for work and cant sell their primary.
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January 12
 
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Profile picture for Sharon Lewis
DiscussionHave you heard of HAMP? The Home Affordable Modification Program
  • Last reply by Sharon Lewis
  • January 12
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