What is HAMP? Last chance to apply.

 The HAMP program ends December 30th, 2016.  That does not mean that there may not still be other option for mortgage assistance, but nothing as good as the HAMP.  If you are interested you must apply now! All applications and documentation must be complete and in the hands of your mortgage company by Dec. 30 to be considered.

HAMP stands for “Home Affordable Modification Program.” Banks who received TARP funding from the government during the bailout are required to review homeowners facing foreclosure for a loan modification through the HAMP program. Also, Homeowners with Fannie Mae or Freddie Mac backed loans are eligible for the HAMP program.

A HAMP modification can:

1. Reduce your monthly mortgage payment to 31% of your gross monthly income.
2. Reduce your interest rate to as low as 2% for the first 5 years.
3. Extend your amortization period to stretch out loan payments.
4. Give you $5,000 toward your principle loan balance if you make all the new monthly payments on time for the first five years.

In order to receive a permanent loan modification under HAMP, you will have to make payments during a three-month trial period plan.

To be eligible for a HAMP:

• You are ineligible to refinance
• You are facing a long-term hardship
• You are behind on your mortgage payments or likely to fall behind soon
• Your loan was originated on or before January 1, 2009 (i.e., the date you closed your loan)
• Your loan is owned by Fannie Mae or Freddie Mac –or is serviced by a participating mortgage company.    You can click the links to look up your loan and see if you are eligible.

There is also a FHA version of HAMP.  FHA, VA and USDA all offer mortgage modification programs for struggling homeowners designed to lower monthly mortgage payment to no more than 31 percent of the homeowner's verified monthly gross (pre-tax) income — making monthly mortgage payments much more affordable. If you have a loan that is insured or guaranteed by the Federal Housing Administration (FHA), you may be eligible for a program offered through that government agency.

For more information on a HAMP modification, call Rod Williams at 615-850-3453.  Rod Williams is the Senior Housing Counselor with the Woodbine Community Organization, a HUD-approved Housing Counseling agency.  

HAMP modificatiion program ends December 30, 2016

There is still time, but very little time for homeowners to be considered fro a HAMP modification.  To be considered for a HAMP modification homeowners must apply and submit all documentations no later than December 30, 2016.

To schedule an appointment or for a phone consultation about your options for avoiding foreclosure, in the middle Tennessee area,  call Rod Williams at 615-850-3453.