THIS IS THE STARTING POINT

Home Affordable Modification Program (HAMP)

EFFECTIVE for mortgages originated before 1-1-09. NOTE: This program expires 12-31-16

If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. 

Eligibility*

You may be eligible to apply if you meet all of the following:
  • You occupy the house as your primary residence.
  • You obtained your mortgage on or before January 1, 2009.
  • You have a mortgage payment that is more than 31% of your monthly gross (pre-tax) income.
  • You owe up to $729,750 on your home.
  • You have a financial hardship and are either delinquent or in danger of falling behind.
  • You have sufficient, documented income to support the modified payment.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

IF YOU DO NOT QUALIFY FOR HAMP - THEN A HAFA SHORT SALE IS THE NEXT STEP

HAFA-eligible short sale will:

  • Help you avoid foreclosure
  • Allow you to be "fully released" from any further liability on your mortgage
  • Provide financial assistance of $3,000 to help with relocation expenses

To qualify for HAFA:

Some general eligibility criteria:

  • You are facing hardship which prevents you from being able to maintain the monthly mortgage payments.
  • Your mortgage is on your primary residence
  • Your mortgage is a first lien mortgage originated on or before January 1, 2009
  • The outstanding balance of the loan is under $729,750 for single family property.
  • Your total monthly payment (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) on your primary mortgage is more than 31% of the gross income of all borrowers on the mortgage.
  • You have already been considered for Home Affordable Modification and one of the following are true:
    • You do not qualify for a Trial Period Plan
    • You have not successfully completed the Trial Period Plan
    • You are delinquent on your Home Affordable Modification, missing at least two consecutive payments
    • You request a short sale or a deed-in-lieu

WE CAN ASSIST YOU IN ALL THE STEPS FROM A-Z

CALL US FOR A CONFIDENTIAL CONSULTATION

Ph: 586-275-2424 or Email us at Info@MIRealtyGroup.com