Behind on Your Mortgage? Learn About Government Options
If you are behind on your mortgage, there is a program for you called HAMP that can easily help you. Here are the five most common HAMP FAQ Questions:
Q: If I already have a HAMP modification that exists, can I use the new principal forgiveness program?
You could possibly use the new principal forgiveness program. Servicers will be reviewing your loan if it was already modified; at this point, they will determine if principal forgiveness would bring this closer to market value.
Q: Do I qualify For a HAMP principal reduction?
Your property must be worth a minimum of fifteen percent less than your first mortgage. However, this won’t be a benefit to every single borrower. If you are eligible, our servicer will be in touch with you.
Q: How can I qualify for temporary assistance for unemployed homeowners?
First of all, your mortgage must meet the HAMP eligibility requirements, which means that your home must have a loan balance of less than $729,000 and be occupied by the owner. You also must give proof that you are receiving unemployment insurance benefits, and your assistance must be requested within ninety days of your delinquency.
Q: I lost my job and can no longer pay my mortgage. What benefits can I gain from the temporary assistance for unemployed borrowers?
You will receive anywhere between three and six months’ worth of temporary forbearance. During this time period, your payments will not need to exceed more than thirty-one percent of monthly income. After this period of forbearance, it will then be determined whether or not you can stay in your home as you continue to look for jobs. If you cannot find employment during this period, you could be considered for HAMP alternatives such as a short sale.
Q: Can I qualify for HAMP if I have filed for bankruptcy protection?
Due to the new enhancement, your servicers are required to consider you if you or your bankruptcy counsel request help.
For more information, visit MakingHomeAffordable.Gov