20th Jan 2016
Mortgage Modifications under the Home Affordable Modification Program (HAMP) is scheduled to Expire on December 31, 2016.
HAMP is a federal program designed to help homeowners who are struggling making their monthly mortgage payments. To find out more about HAMP, visit the Making Home Affordable website. Additionally, to better understand the documentation required to obtain a HAMP modification, please see their checklist.
Note: this program is available for both primary residences and rental properties alike. Additionally, if you have a second mortgage on the property, a limited amount of servicers participate in the Second Lien Modification Program (2MP) – which is also set to sunset on December 31st, 2016.
Remember, a modification is not guaranteed whether you seek the help of a government counselor or by retaining the services of a law firm. We are here to help you along in the process. But a word of caution – beware of those who guarantee positive results. Obtaining a mortgage modification is a process which requires active participation by all parties involved and an approval is not guaranteed. Stay positive, stay vigilant – trying to save your home is worth the effort!
With the sunset of these programs in site, please explore your options as soon as possible. We are here to help if you have any questions.