Federal Plan

The federal loan modification plan called HAMP-or Home Affordable Modification Plan has standard guidelines that have been mandated by the Treasury Department.  While this helps homeowners with a standardized loan workout plan, it also means that you must fit into these specific guidelines in order to qualify.  Learn the HAMP guidelines so that you will be able to prepare your application correctly.

The basic criteria for eligibility are:

1. Live in the home as your principal residence-not for rental properties, second homes
2. Have a loan amount that is $729,750 or less
3. Loan taken out before January 1, 2009
4. Current mortgage payment is greater than 31% of the household gross monthly income-payment calculation includes property taxes, homeowners insurance and any homeowners dues
5. Facing a financial hardship situation

Once you pass the basic eligibility guidelines, then you will need to submit a loan modification application to determine if fit the approval criteria.  Your application will include a Hardship Letter-explaining what has happened to cause the current situation, a Financial Statement that details your monthly income and expenses and also copies of your bank statements, paycheck stubs, tax returns and a Profit and Loss Statement for self employed borrowers.

Now the HAMP loan modification guidelines state that you must meet a debt ratio requirement, as well as an asset ratio requirement, imminent risk of default calculation, disposable income and loan to value requirements to.  This is really a mathematical calculation that you can use when you prepare your own financial statement.  To make it easier, you can use a software program that is designed just to help homeowners with this process.  The Loan Mod Quick APP will do all the calculations for you-simply input your monthly income and expenses and the results are figured immediately for you.  Best of all you will be able to see if you need to make any adjustments to your budget in order to meet the HAMP loan modification guidelines.

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