The Obama administration initiated the HAMP loan modification program for homeowners, who are finding their existing home mortgages unaffordable on account of unemployment. As per tenets of the new plan, lenders are required to either reduce or suspend monthly mortgage payments for a period of three months for borrowers that are HAMP eligible. Lenders have been given the right to extend the forbearance period or end it depending upon the borrower's ability to find new employment. Nevertheless, a HAMP loan modification applicant needs to meet certain requirements that are outlined by guidelines for Obama loan modification programs. Here is some crucial information pertaining to the same which could guide you in your endeavor if you are an unemployed homeowner.
To qualify for the HAMP mortgage modification plan for unemployed homeowners, borrowers need to satisfy the below mentioned conditions.
Existing home mortgage loans have to be secured on a property that is your primary residence.
Current mortgage loan should have been sanctioned on or prior to 1st January 1, 2009.
Value of the existing home mortgage cannot exceed $729,750 for a single-unit family property.
Defaults or delinquency on present home mortgage loans have to be foreseeable.
The terms and conditions of the current home mortgage loan should not have been modified under the Home Affordable Modification Program (HAMP) earlier.
Borrowers need to furnish a written intimation to their lender about the likelihood of loan repayment defaults before the first mortgage lien becomes delinquent.
An application for HAMP unemployment plan could be sent by e-mail or on telephone. Lenders have to acknowledge receipt of your request with 10 business days of having received it.
The homeowner has to be unemployed on the date of forwarding such application.
Furthermore, the borrower can even document which clarifies that he would obtain unemployment benefits during the course of forbearance period as also when unemployment benefits would expire as the forbearance period nears its end.
Remember, if you are unemployed and planning to apply for the Bank of America loan modification program, you are entitled to receive benefits on account of unemployment for duration of three months prior to actual commencement of forbearance period. But it is essential that your existing monthly mortgage payments do not exceed 31% of your gross monthly income which is one the most important requirement of the new HAMP unemployment plan. It is always better to seek the help of a competent loan modification company, who is well versed with the entire HAMP mortgage modification process requirements.
If you want to find out if you qualify for president Obama's Making Home Affordable Program or HAMP, then click on the link and fill out the form. You will be contacted shortly after the form is submitted. http://www.loanmodificationmanagers.com/contact-us.html
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