HAMP (Home Affordable Modification Program) is the most common program to help struggling homeowners get modified agreements from their lenders to avoid foreclosure. You will need to meet specific program requirements to qualify.
What type of requirements?
You must have incurred some type of hardship that was beyond your control. In Arizona it is often a job loss or reduction in wages or hours.
The subject property must be for your primary residence.
The appropriate mortgage payment to gross income ratio. This is one of the main HAMP requirements and if your current mortgage payment (PITI) is greater than 31% of your gross income you may benefit from this program.
You owe less than $729,750
You got your current mortgage before January 1, 2009
How do I get started?
We suggest you start by going to the Making Home Affordable website and click on the Explore Eligibility link to determine your eligibility and how to request a Home Affordable Modification.
What if I am not eligible for the HAMP?
Just because you may not be eligible for the HAMP doesn't mean you may not have other options. Contact your lender directly and speak with them about any programs they may be offering to assist struggling homeowners.
Should I pay for assistance with my modification?
In most situations, we advise against paying for modification assistance. The process is pretty straightforward and relatively simple as far as the paperwork and documentation required. No doubt you will need to possess a great deal of patience and perseverance while going through the process but remember..... the squeeky wheel gets the grease.