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
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