Making Home Affordable Loan Modification

Beware of individuals and companies using mail and or phone solicitations that claim to be from your mortgage company but insist that payments be sent to an alternate contact.

Making home affordable loan modification. By setting standards for what constitutes a sustainable modification across the mortgage industry hamp has helped to make private loan modifications more affordable for homeowners. For immediate assistance call 888 995 hope 4673 hearing impaired. Veteran s affairs home affordable modification va hamp if your home loan is insured or guaranteed by the department of veterans affairs va you may be eligible for the va hamp reducing your payments to 31 or less of your monthly pre tax income much like similar programs for the usda and fha. Therefore no third party can guarantee or pre approve your mortgage modification application.

Other programs under mha include. For example did you know that interest rates for some home affordable modification program sm hamp modification recipients will increase by up to 1 each year after the fifth year of their modification up to a cap you should also understand the benefits of being current on your payments and plan ahead to improve. Guidance for loan modifications by participants in mha across the mortgage industry and subsequently updated and expanded that guidance. In fact thanks in part to hamp the proportion of private loan modifications that reduce monthly payments for homeowners has more than doubled.

Launched in february 2009 making home affordable mha consists of several programs designed to help struggling homeowners prevent avoidable foreclosures. In this supplemental directive treasury is issuing version 5 2 of the making home affordable program handbook for servicers of non gse mortgages handbook a consolidated resource for. 877 304 9709 tty let an expert from a hud approved housing counseling agency help you understand your options prepare your application and work with your mortgage company. Over the last seven years the making home affordable mha program has helped over 1 8 million families obtain mortgage relief and avoid foreclosure.

Principal reduction alternative pra assists homeowners with a loan to value ratio exceeding 115 percent. Over 1 8 million families have been helped directly through hamp. The making home affordable program of the united states treasury was launched in 2009 as part of the troubled asset relief program the main activity under mha is the home affordable modification program. It is important that you know and understand the terms of your modification.

As of december 30 2016 no new applications or new requests for assistance under any mha program will be accepted. If you re eligible for the home affordable modification program sm hamp your mortgage company will usually put you on a three month trial plan to let you demonstrate your ability to make timely payments at the new monthly payment level if you successfully make all required payments during your trial period your mortgage company will execute an official modification agreement.