The Home Affordable Modification Program (HAMP), mortgage modification program.#Mortgage #modification #program


The Home Affordable Modification Program (HAMP)

In 2009, the federal government unveiled the Making Home Affordable program to help homeowners stay in their houses and avoid foreclosure. One of the major components of the Making Home Affordable initiative was the Home Affordable Modification Program (HAMP). The goal of HAMP was to induce lenders and servicers to modify homeowners’ loans so that payments become more affordable.

While the HAMP program ended on January 1, 2017, other programs like the Fannie Mae and Freddie Mac Flex Modification Program, as well as proprietary (in-house) modification programs exist to help struggling homeowners modify their loans. If you re struggling with your mortgage payment, contact your mortgage company or a HUD-approved housing counselor at 888-995-HOPE (4673) as soon as possible.

(The other major component of the Making Home Affordable initiative is the Home Affordable Refinance Program or “HARP” which expires on December 31, 2018. To learn more about that program, see The Home Affordable Refinance Program.)

Talk to a Lawyer

Start here to find foreclosure lawyers near you.

How it Works

  1. Briefly tell us about your case
  2. Provide your contact information
  3. Choose attorneys to contact you

Legal Information Books from Nolo

Mortgage modification program

Mortgage modification program

Related Products

Mortgage modification program

Mortgage modification program

Mortgage modification program

Mortgage modification program


New York State Mortgage Assistance Program – Home, New York State Mortgage Assistance Program, mortgage


At Risk of Foreclosure? We May Be Able To Help.

If you’re at risk of losing your home because you’ve missed payments and have exhausted all other sources of help, the New York State Mortgage Assistance Program may be an option for you.

NYS-MAP provides a 0% interest mortgage loan up to $40,000 to eligible New York homeowners at risk of foreclosure.

To see if you might be eligible for the New York State Mortgage Assistance Program, please fill out the following form so that we can connect you with a government-vetted non-profit housing counselor or legal services provider in your region.

Questions?

Contact us at 855-NYSMAP-3.

We care about your privacy.

What You Need to Know:

Who administers the program?

The New York State Mortgage Assistance Program is administered by the Center for NYC Neighborhoods, a non-profit organization that promotes and protects affordable homeownership. Loans are made by Sustainable Neighborhoods LLC, a wholly-owned subsidiary of the Center.

To learn more about the Center for NYC Neighborhoods, visit cnycn.org. You can also view our non-profit status here.

Who is eligible?

To be eligible, homeowners must have experienced a financial hardship and must demonstrate an ability to afford their housing payments after receiving assistance. There are other requirements a homeowner must also meet in order to be eligible, which the housing counselor or legal services provider we refer you to will explain in detail.

What can loan funds be used for?

Funds can be used to bring a mortgage current, help get a modification, pay off a mortgage or property tax arrears, or settle other debts that could lead to foreclosure.

What are the loan terms?

The loans made under NYS-MAP are mortgage loans that carry 0% interest. No monthly installment payments are required on the loan during its term but the full principal amount is due on the sale or refinance of the home or upon default.

Who vets the housing counseling and legal services providers?

All referrals are made to foreclosure professionals in your community who have been vetted by the New York State Attorney General’s Homeownership Protection Program.

How do I know this isn’t a scam?

The New York Attorney General’s Office helped develop the New York State Mortgage Assistance Program. You can read the press release here. Learn how to spot a scam on the AG’s scam prevention site.

  • Mortgage modification program
  • Mortgage modification program

How to Write a Hardship Letter for Mortgage Loan Modification, mortgage modification program.#Mortgage #modification #program


How to Write a Hardship Letter for Mortgage Loan Modification

A hardship letter is a key factor in getting approved for a loan modification program. If you can write a polite and accurate hardship letter, you may be able to convince your lender to give you another chance to repay your loan. However, writing such a letter can be intimidating for money borrowers, as they are unsure of what exactly to write and how much of their story to include. Lawyers can usually write one of these letters for you, but at too large a cost for a borrower experiencing financial hardship to afford. Luckily, writing your own hardship letter can be a simple process if you follow the steps below.

Steps Edit

Part One of Three:

Starting Your Letter Edit

Mortgage modification program

Mortgage modification program

Mortgage modification program

Mortgage modification program

Part Two of Three:

Explaining Your Hardship Edit

Mortgage modification program

Mortgage modification program

Mortgage modification program

Mortgage modification program

Mortgage modification program

Mortgage modification program

Mortgage modification program

Part Three of Three:

Perfecting the Letter Edit

Mortgage modification program

Mortgage modification program

Mortgage modification program

Mortgage modification program


Home Affordable Modification Program – Freddie Mac, mortgage modification program.#Mortgage #modification #program


Home Affordable Modification Program

On March 4, 2009, the U.S. Department of the Treasury (Treasury) announced details of the Home Affordable Modification Program (HAMP ) as part of the Making Home Affordable Program. HAMP is a loan modification program designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments.

HAMP is effective for mortgages originated on or prior to January 1, 2009, and will expire on December 31, 2016.

Program Details

Servicing Resources

To access these secure resources, you must use your Servicing Technology Tools ID and password. If you do not have one, you can request one using the Servicing Technology Tools Sign Up Form.

Login to Access Secured Resources Mortgage modification program

  • Reporting Spreadsheets
  • Technology Specifications and Users’ Guides
  • Automated Valuation Model (AVM) Collateral Values*

*On or after January 18, 2014, you may be subject to the new disclosure and notice requirements in the Equal Credit Opportunity Act and Regulation B. For more information on receiving and formatting Freddie Mac AVM collateral values in this report, please see attached

Training Education

Additional Resources

  • Quick Reference: Borrower Notifications for Step-Rate Mortgages
  • HAMP Reporting: Best Practices
  • Servicing Alignment Initiative Web page
  • Freddie Mac’s Avoiding Foreclosure Resource Center
  • Consumer information about the federal Making Home Affordable Program
  • Treasury Net Present Value (NPV) Model. A user ID and password are required to use the Model, which Servicers can obtain by completing and submitting the HAMP online Registration Form.
  • U.S. Department of Labor Unemployment Benefit Estimation Tool

Home Affordable Refinance Program and HAMP are registered trademarks of the U.S. Department of Treasury.

Are you a Homeowner?

If you believe you qualify for this program, please contact the company to whom you make your mortgage payments. Delinquent borrowers eligible for assistance will be contacted by their mortgage Servicer. Read more about how to avoid foreclosure.

Loan Modification Processing Tips

Don’t let communication, clerical or data errors delay or prevent successful submissions. Ensure Your HAMP Modifications Are Error Free for Prompt Processing.


Loan Modification Programs: How to Qualify and Apply, mortgage modification.#Mortgage #modification


Loan Modification Programs: How to Qualify and Apply

In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

Home Affordable Modification Plan (HAMP)

The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

  • Lower the interest rate
  • Extend the life of the loan
  • Lower the loan principle

How to Qualify

As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

In order for your loan to qualify for modification under HAMP, the following conditions must apply:

  • You obtained your mortgage on or before January 1, 2009.
  • You owe up to $729,750 on your primary residence or single unit rental property.
  • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
  • The property has not been condemned.
  • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
  • You have sufficient, documented income to support a 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.

What if I don t qualify or have been denied?

Unfortunately not all struggling homeowners qualify for the government modification program. Credit.org, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

  • VA Loan If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification.
  • FHA Loan There is a loan modification program specifically for Federal Housing Administration (FHA) loans
  • None of the Above Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

How to Apply for a Loan Modification 3 Simple Steps

If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

You ll need to provide your current income and expenses.

  • Collect Your Mortgage Information

    Get a copy of your mortgage statement that has your loan number on it.

  • CALL

    If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

  • Nonprofit housing consultants from a HUD-approved agency can provide you with:

    • All available loan modification options
    • A customized action plan
    • Budget suggestions
    • Help in negotiating with your lender

    How to Write a Hardship Letter for Mortgage Loan Modification, mortgage modification.#Mortgage #modification


    How to Write a Hardship Letter for Mortgage Loan Modification

    A hardship letter is a key factor in getting approved for a loan modification program. If you can write a polite and accurate hardship letter, you may be able to convince your lender to give you another chance to repay your loan. However, writing such a letter can be intimidating for money borrowers, as they are unsure of what exactly to write and how much of their story to include. Lawyers can usually write one of these letters for you, but at too large a cost for a borrower experiencing financial hardship to afford. Luckily, writing your own hardship letter can be a simple process if you follow the steps below.

    Steps Edit

    Part One of Three:

    Starting Your Letter Edit

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Part Two of Three:

    Explaining Your Hardship Edit

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Part Three of Three:

    Perfecting the Letter Edit

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Mortgage modification


    SPS Loan Modification – Cut Payments by Upto 50%, mortgage loan modification.#Mortgage #loan #modification


    mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Over 1 Million Troubled Families have got help under HAMP Program, Have You?

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Thousands of struggling families are able to qualify for SPS Loan Modification plan.

    If you are facing hardships in making your mortgage payments due to loss of income, income reduction, lay off from work, unemployment, divorce/seperation, upside down home, unaffordable payments, reduction in work, etc then you may be eligible for SPS Mortgage Help.

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Mortgage loan modification

    Will I Qualify for SPS Loan Modification Plan?

    You may be eligible for Loan Modification with SPS if you are facing financial hardships or see it coming in the near future.

    Hardships can be anything like,

    • Reduction in Income – Due to Job Loss, Less Salary, Unemployment, Layoff, Divorce, Etc.
    • Unaffordable Payments – Due to High Interest Rate, Adjustable Rate, High Taxes or Insurance
    • Upside down on Home – If you owe more than your home is worth and you can’t refinance
    • Behind on Payments – If you are already late on your mortgage payments
    • Increase in Expenses, Medical/Health Issues, Family Crisis, Business Loss, Etc.

    If you Feel you are experiencing ANY of the above, You may be Eligible for,


    Chase Loan Modification, Chase Mortgage Assistance Forms, mortgage loan modification.#Mortgage #loan #modification


    Chase Loan Modification Chase Mortgage Assistance

    When it comes to the process of Chase Loan Modification and Chase mortgage assitance , the homeowners are not alone. Chase is here with the homeowners to help them at each and every step, but for a step by step chase mortgage loan modification homeowners are advised to hire a Chase loan modification expert.

    Mortgage loan modification

    If you have already applied for the chase mortgage loan modification, then chase loan modification expert will confirm that at what stage of the process you are. You should remember that the sooner you contact a Chase mortgage loan modification expert, sooner he can let you know that which options are available to you. We are going to describe the Chase home loan modification procedure in details here:

    Chase Loan Modification Forms

    Gather Your Information: When the homeowners are ready to apply for the loan modification, then they will need to download the three main chase loan modification forms:

    Application Checklist: This checklist would be a PDF form that is very helpful list to collect all the required information that you may need for the chase loan modification.

    Chase Loan Modification Request Form: The homeowners will need to complete and sign Chase loan modification request form that provides the overall information about their financial position.

    IRS Form 4506T-EZ: IRS Form 4506T-Ez form basically allows the Chase to request a summary of homeowner s recent Internal Revenue Service tax fillings to confirm their income information. Homeowners are also required to sign this form for Chase home loan modification.

    Requirement Of Any Additional Documents:

    When your loan modification expert submits chase loan modification package, then the Chase representative will let you know if you need to complete any of the additional forms. If you have any questions about collecting and completing your documents, you can freely call to your Customer Assistance Specialist.

    Send Documents: Once you have reviewed all of your completed documents, then send a Chase loan modification package to the bank.

    They Will Review Everything and Let You Know Your Options: Once you have sent them a Chase loan modification package, then they will review everything and then your Customer Assistance Specialist will guide you about additional forms that they may still need. Within 30 days of receiving documentation, they will let you know that for which Chase mortgage assistance options , you are eligible so you can select the one that is best suits you.

    Let Chase Know Your Decision: After notification you will have 14 days to inform Chase about the best Chase mortgage assistance options that suits you.

    They Will Follow Up and Guide You through the Next Steps: After selecting the best options for you your Customer Assistance Specialist will follow up with you about the option that you have selected.

    Chase Mortgage Loan Modification Process:

    • The checklist that you download for information basically has a summary of all of the forms and documents that they need to review your application. Requirement of the additional documents depending on the situation, most importantly, you should avoid delays and make sure that everything you send them is completed and accurate.
    • Request for Mortgage Modification Form: you have to collect and send copies of your financial documents.
    • Your 2 most recent receipts with year-to-date earnings
    • If you are self-employed or an independent contractor then you have to send your most recent signed and dated quarterly or year-to-date profit and Loss Statement with company name and date; even if all statements pages are blank also send them, but, if you do not have the P and L statement you have the option to use the sample form.
    • If you receive a Social security, disability or death benefits, pension, public assistance or unemployment income, then send them your benefits statement; proof of monthly insurance benefits or government assistance from the provider with the amount, frequency and duration of the benefit and two most recent bank statements showing receipts of payment.
    • Your 2 most recent personal checking, savings, money market, mutual funds, stock and bond statements.
    • Legal documents showing the amount, frequency and duration of child support, separation maintenance income if you would like us to consider it as qualifying income AND your 2 most recent bank statements showing receipt of the payment.

    Get The Expert Chase Mortgage Assitance

    If you are looking for Chase mortgage loan modification or have already submitted your application, we can help you to process your loan modification process in a way that others can t. Our loan modification expert will work with you and utilize all the required experience, skills and tricks to get your chase loan modified. We have helped thousands of our valued clients with Chase Loan modifications and can help you as well. Don t hesitate to give us a try!


    Reverse Mortgage Leads, Reverse Mortgage Live Transfers, mortgage loan modification.#Mortgage #loan #modification


    Mortgage loan modification

    Mortgage loan modification

    / Know Your Lead Company

    Digitally ingenious enthusiasts driven by quality thrilled clients.

    Mortgage loan modification

    Established a decade back, Inspirecs has been serving the market with allegiance and efficacy to add to the expansion of the businesses around the world. Inspirecs has been running shoulder to shoulder with

    Mortgage loan modification

    Our team is our greatest asset and the major differentiator. We are passionate about results, and also believe in having a lot of fun along the way. We are passionate about delivering results to our clients.

    Mortgage loan modification

    We are a globally trusted brand in the Lead generation market. Partnering with us will give you a direct access to extensive networks in important global markets, and expertise in Live and data leads.

    Type of Leads

    Mortgage loan modification

    Debt Settlement Live Transfers

    Inspirecs.com offers Double Verified Debt Settlement Live transfers, Debt live leads

    Mortgage loan modification

    Loan Modification Live Transfers

    Inspirecs offers Double Verified Loan Modification Live Transfers

    Mortgage loan modification

    Cash Advance Live Transfers

    Inspirecs.com offers Double Verified Merchant Cash Advance leads

    Mortgage loan modification

    Pay Day Loan Live Transfers

    Inspirecs.com offers Double iLead Pay Day Loan live transfers which have been

    Mortgage loan modification

    We offers Double Verified Mortgage Live transfers, Mortgage batch leads

    Mortgage loan modification

    Auto Warranty Live Transfers

    If you have purchased Internet leads, Live Transfer Leads, PPC Leads

    Mortgage loan modification

    Tax Debt Settlement

    Inspire Center Solutions has a variety of real time and live transfer leads on offer

    Mortgage loan modification

    Bankruptcies are becoming quite common in the United States what with rising

    Mortgage loan modification

    Reverse Mortgage Live Transfers

    Inspirecs.com has seen a substantial rise in Reverse Mortgage Live Transfers

    Mortgage loan modification FHA Mortgage Live Transfers

    FHA mortgage live transfers can be obtained from vast source of data base

    Mortgage loan modification

    VA Mortgage Live Transfers

    VA mortgage live transfers are hot property today for the simple reason being

    Mortgage loan modification

    Credit Repair Live Transfers

    With bankruptcies and debts piled up on most heads in America, good credit

    Call us Today For Our Reverse Mortgage Leads

    +1-800-986-9315

    Or To Know More Check Out Our Reverse Mortgage Leads Video

    Our Services

    Mortgage loan modification

    Each and every Lead that is sent to our customers passes through our proprietary

    Mortgage loan modification

    Each and every Lead that is sent to our customers passes through our proprietary

    Mortgage loan modification

    Your portal and storefront are just the tip of the iceberg. The real potential

    Mortgage loan modification

    Inspirecs offshore software development services are intended to serve businesses

    Mortgage loan modification

    Search Engine Optimization

    Search Engine Optimization, popularly known as SEO, is a set of methods

    Why US

    Inspirecs.com is in the business of Double Verified Live Lead Generation for Reverse Mortgage Live Transfers, Debt Settlement Companies, Debt Consolidation Companies, Mortgage Live Transfers Loan Modification Companies, Loss Mitigation Companies, Business Cash Advance Companies, Auto Warranty Live Transfers, Tax Debt Settlement Live Transfers, Bankruptcy Live Transfers, Home Security Live Transfers, Credit Repair Live Transfers, Banks and several other conglomerates who feel the need of telemarketing throughout the United States. With more than 10 years experience in Live Transfer Generation, our founders bring a unique, proprietary process to the industry.

    Mortgage loan modification

    / Testimonials

    Excellent, professional work – more than happy to do future business with Inspire Center Solution.

    I have found a lead source that is great. A little pricey but they are Double Verified live transfers, and well worth it. I have about 20 leads that I am sitting on that I have priced, and filled out 10 1003’s and counting. Company is very professional and definitely earned my business. I would recommend you to this great lead company. I am using a company called InspireCS. They proved to be a very good company. You can find out more by going to their website at www.inspirecs.com

    I am writing to say how satisfied I am with Inspirecs regarding there lead quality. I have tried everything from internet leads and live transfers from other sources with out success. Inspirecs is the only source I would recommend, they are very fair on returns and the quality of the leads is very good. I would highly recommend them and plan to do more business with them. Here you defiantly get what you pay for and More.

    Hello Alex, I love the leads, but my only concern is I want to be able to offer my clients good customer service, in order for me to do that, I would only like 5 leads each a day if possible.

    I would recommend Inspirecs for all of your telemarketing/communications needs.

    One of the very few lead generation companies I have come across that really delivers on its promises. Inspirecs’s Owner has a passion for lead gen business and he runs a very tight ship Best of Luck


    Should I stop paying my mortgage so I qualify for a loan modification, mortgage modification.#Mortgage


    Should I stop paying my mortgage so I qualify for a loan modification?

    Question

    Right now I can afford my monthly mortgage payments on my home, but I probably won t be able to in the near future. I read on the Internet that I should stop making payments on my loan so I could qualify for a loan modification. Is this right? Do I really need to stop paying my mortgage in order to get a modification?

    Answer

    No, you don t! That is outdated advice that, if followed, can lead to some very serious negative consequences. (This is covered in more detail below.)

    Back in the day it was common for mortgage servicers to recommend that you fall behind in payments even if you could afford to make them if you wanted to get a mortgage modification. While it s true that in the past lenders would only consider giving homeowners a mortgage modification if they were in default on their loan, this is no longer the case. Now, you can be current on your mortgage payments and still qualify for the vast majority of modification programs.

    What is a Mortgage Modification?

    A modification is a permanent restructuring of the mortgage where one or more of the terms of the loan are changed so that the payments become more affordable. For example, the lender may agree to reduce the interest rate or extend the repayment term to achieve this goal. (Learn more in Nolo s article What’s the difference between a loan modification, forbearance agreement, and repayment plan?)

    Getting a Mortgage Modification While You re Current on Payments

    Most modification programs only require that you show you are in danger of falling behind in payments, but you don t have to actually go into default, in order to qualify.

    What You ll Need to Show to Get a Modification

    To be eligible for a mortgage modification if you’re up to date on payments, you ll typically need to show that:

    • the home is your primary residence
    • you’ve gone through a financial hardship (for example, you had to take a lower paying job or you went through a divorce), and
    • that you have enough steady income to make payments under a modification. (Learn more general information about loan modifications in Nolo s Alternatives to Foreclosure area.)

    Downsides to Deliberately Falling Behind on Mortgage Payments

    If you deliberately default on your mortgage payments, there will be several negative consequences for you.

    Your credit score will drop. After you miss a payment or multiple payments, your credit score will drop. Once your score falls, it can be difficult to refinance your mortgage, obtain a car loan, or get new credit cards. Even if you subsequently complete a mortgage modification, this will not change previous adverse reporting. (Learn more about credit scores in Nolo s Credit Reports Credit Scores area.)

    Past-due amounts add up fast. If you start skipping payments just to try to get a mortgage modification, keep in mind you’ll still owe the amounts you don t pay, plus interest and fees. This can add up quickly. Once you fall behind, the lender can charge late fees, inspection fees, and various other charges associated with the delinquency. (Learn more about the fees your lender can charge if you fall behind in payments.)

    The more payments you miss, the more fees and interest will accrue. This can make it significantly harder to catch up on your payments if the lender denies your modification request. Ultimately, it could even lead to a foreclosure.

    Contact Your Mortgage Servicer

    In general, you should contact your servicer as soon as you think you may be in danger of missing a payment if you want to apply for a modification of your home mortgage. But if you can afford to continue making your monthly payments, you should continue doing so. In all likelihood, you will be eligible for a mortgage modification even if you’re current, so long as you meet all other qualifications and submit all of the required paperwork. (Learn more about how to apply for a modification in Nolo s article How to Get a Mortgage Loan Modification.)

    If you need help applying for a modification or have further questions about the process, consider contacting a HUD-approved housing counselor.