HAMP Modification Program - News about the Home Affordable Modification Program

The Home Affordable Modification Program is meant specifically for owners who have been hit hard by financial issues in their lives. As part of the program the monthly mortgage that you – the beneficiary – pay is not more than 31 per cent of your gross monthly income. Obviously, the amount taken in consideration over here is the one that you have before paying your income tax. If you are considered to be eligible as per the program then the modification would change the original terms of your existing mortgage forever. This is one major reason the HAMP modification program has become so popular. 

There are several conditions under which you can become a part of this program. For example, if your efforts of refinancing your mortgage have met with failure each and every time you have tried you can try this particular program. If because of a longstanding financial issue you have fallen behind on your mortgage payments you can try to avail this program as well. Even if you are anticipating that you will encounter such a problem you can be part of the Home Affordable Modification Program. In fact, in the last few years the number of people using the home affordable refinance program harp has only increased.

If your loan was taken prior to or on January 1 2009 you could be considered eligible under the program. If you have taken the said loan from Fannie Mae or Freddie Mac, or even a mortgage company that has taken part in the Home Affordable Modification Program for that matter, you could be considered fit to receive the benefits of this assistance. For the purposes of the program it is also necessary that your home is a 1-4 unit property. The home affordable modification program has helped many people such as you in the United States of America. Click to know more!

The authorities in charge of the program also want to make sure that your total monthly expenses including revolving debt and after modification PITIA do not cross 55 per cent of your gross income. For more information on HAMP mortgage modification program please visit www.mortgagrefinance101.com