HAMP, which was announced on March 4, 2009, is the most popular MHA program. If you have a steady income, but you’re struggling to keep up with your mortgage payments, you may be able to modify your loan through a HAMP Tier 1 or HAMP Tier 2 modification.
Application Deadline: December 30, 2016
Features and Benefits:
HAMP achieves a more affordable payment by adjusting your interest rate, extending your term, and reducing or forbearing your principal. HAMP homeowners typically save about $500 per month. Through HAMP, you can get help with your primary residence or rental property. If you owe significantly more than your home is worth (>115 Loan-To-Value), you’re automatically evaluated for principal reduction. Just for making timely payments, you could earn up to $10,000, which would be used to reduce your principal balance.
Eligibility:
* Under both Tier 1 and Tier 2, homeowners must meet the following basic HAMP eligibility requirements.
* You must have taken out the loan before 2009. The property can have no more than four units.
* You owe up to $729,750 on your primary residence or single unit rental property; up to $934,200 on a two-unit rental property; up to $1,129,250 on a three-unit rental property; or up to $1,403,400 on a four-unit rental property.
* The property has not been condemned.
* You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments. (If you want to modify the loan on a rental property, you must be behind in payments in order to get a HAMP modification).
You have sufficient, documented income.
* You have not been convicted within the last ten years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
Mortgage companies nationwide—including Bank of America, CitiMortgage, JPMorgan Chase, and Wells Fargo—participate in MHA programs. If not, or you are not eligible for MHA, there may be other options available to you. Our agents can help you in these process.
Similar Programs:
Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), Veterans Affairs (VA), and U.S. Department of Agriculture (USDA) also offer mortgage solutions for homeowners with mortgages they own, insure, or guarantee.
First, we must find out whether your mortgage is owned, insured, or guaranteed by Fannie Mae, Freddie Mac, FHA, VA, or USDA, and learn more about the MHA programs and other resources they've designed to address your needs.
Complementary MHA Programs:
If you qualify for HAMP and you have a second mortgage, you may also qualify for MHA's Second Lien Modification ProgramSM (2MPSM).
If homeownership is just not affordable right now, even with a modification, MHA's Home Affordable Foreclosure Alternatives Program (HAFA) could be right for you. With relocation assistance and relief from your remaining mortgage debt, HAFA could help give you a fresh start.