How do I know if I am eligible for a loan solution such as modification under the Home Affordable Modification Program (HAMP)?
One of the parts of the Making Home Affordable Program introduced by the Obama administration is the Home Affordable Modification Program (HAMP). This program is a loan solution for homeowners unable to make mortgage payments and seeking a loan modification to avoid foreclosure.
A loan modification attorney in Florida can help you review the details of HAMP and decide if you are eligible to participate in this form of loan modification.
The basic requirements are that you:
- Are the owner-occupant of a 1-4 unit home;
- Have an unpaid principal balance no greater than $729,750 for a 1-unit home, $934,200 for 2-unit homes, $1,129,250 for 3-unit homes, and $1,403,400 for 4-unit homes;
- Have a first lien mortgage that originated on or before January 1, 2009; and
- Either have a monthly mortgage payment greater than 31% of your gross income or your payment is not affordable due to a financial hardship that can be documented.
You must answer yes to these circumstances to be eligible for a loan solution through HAMP. If you are missing any of these components of your case, you will most likely need to seek another loan modification program. The government does offer other programs, and there are also independent services available to homeowners.
If you are unsure about applying for HAMP loan modification assistance or would like to learn more about other loan solution options, you should consult with a loan modification attorney in Florida. An experienced attorney can help you in all methods of loan modification and help you seek remedy to your loan solution needs. There are many loan modifications in practice in Florida, so be sure to partner with an attorney who can show you they have a track record of success.
Contacting a Loan Modification Attorney in Florida
Your property is more than just a building – it’s home to you and your family. To protect your rights we strongly urge you to contact a loan modification attorney in Florida who focuses on loan modification and foreclosure defense if you are behind on your mortgage payments. At Loan Lawyers, LLC, our consultations are free and we have offices in Broward, Miami-Dade and Palm Beach Counties. Call 1-888-FIGHT-13.
