The HAMP (Home Affordable Modification Program) was a program created by the government in 2009 to help give relief to troubled homeowners. It does this by reducing the payment on their mortgage to bring them to 31% of their monthly income before tax. Not all lenders participate in this program, but either way, you lender may be able to work out a loan modification program nonetheless.
To qualify for the HAMP, here are some requirements:
1. You must have obtained your mortgage by or before Jan 1, 2009 and owe less than $729,750.
2. You must have enough income that you can pay your mortgage at the modified amount – and show proof of that income.
3. Show that you are facing serious financial hardship such as loss of income, divorce or illness, etc. that puts you at risk to default on your mortgage
Loan Modification in Chicago can help you avoid foreclosure or short selling your home.
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