HAMP: Keeping Families in Their Homes

After my parents passed away, I bought my childhood home.  It was an older home, but was worth a million dollars in memories.  I spent some money fixing it up, and my family and I moved in.  Life could not have been better.  I was living the American Dream, but then my dream became a nightmare.   I was injured in an accident and unable to work for almost five years.  With medical bills and having only one income, it was not long before foreclosure was practically inevitable. 

I contacted my mortgage holder, and he told me about homeloan modification service at credit-yogi.com.  There are different types of modifications like HUD loan modification assistance, but the type he suggested I look into was a Home Affordable Modification Program, or HAMP loan modification.  It was almost like a miracle in my life.  It allowed me to keep my home by lowering my monthly payments to a level I could afford.

When I started back to work, I wasn’t making as much money as I did before my accident.  Even had I not gotten behind, I wouldn’t have been able to pay such high payments anymore.  HAMP was the answer I needed.  Here is what I learned about Home Loan Modification at credit-yogi.com:

·         What Is Home Loan Modification?

·         Will a Loan Modification Stop Foreclosure?

·         How Do You Qualify?

What Is Home Loan Modification?

A home loan modification is offered by a lender, institute such as HUD, or by the Federal Government.  Lenders don’t want to foreclose on a property.  Foreclosure costs them money, and they often don’t get out of the home what you still owe on it.  With HAMP loan modifications, the federal government subsidizes your loan and lowers your monthly payment by reducing interest, extending loan terms, or even reducing your principle to insure your monthly payment is no more than 31% of your gross, monthly income. 

Will a Loan Modification Stop Foreclosure?

If you qualify for HAMP, it will stop a foreclosure.  Simply applying for a home loan modification is enough to stop a foreclosure pending approval or denial.  If you do not qualify for the modification, the foreclosure will resume.

How Do You Qualify?

Often called Obama Hamp Loan Modification, because it was enacted during the Obama administration, qualifications for acceptance are strict, but have recently been relaxed so that more homeowners facing foreclosure will qualify.  Basically, you have to provide an assessment of your personal worth and assets, proof of income, show why you cannot pay the full payment, prove you are employed, prove you are the owner and occupant of the house, you do not owe more than $729,750, and your payments must be greater than 31% of your gross, monthly income.

There is help available for you to avoid foreclosure, please fill out the no-obligation form provided at credit-yogi.com.  There is no obligation, and with the help of Credit-yogi, you will be able to determine if this is an option that could benefit you,Click on Credit-yogi.com for a full detail .