The Home Affordable Modification Program (HAMP) is a federal government program designed to assist homeowners who are suffering an economic hardship. HAMP attempts to restructure your monthly mortgage payment so that it is affordable. The program has a goal of providing participant with a monthly mortgage payment that is not more than thirty-one percent (31%) of the troubled borrower’s gross (pre-tax) monthly income to make your payments more affordable.

You may be eligible to apply if you meet all of the following:

• The house is your primary residence.
• You obtained your mortgage on or before January 1, 2009.
• Your mortgage payment is more than thirty-one percent (31%) of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last ten years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

It is important to note that HAMP is a complicated program with many nuances. In fact, there are even different variations of HAMP, including a HAMP 1.0 and a HAMP 2.0 program. HAMP 2.0 is a newer variation of the HAMP program that was created to benefit some previously non-qualifying borrowers. As opposed to the HAMP 1.0 program, HAMP 2.0 relaxes some of the more stringent requirements of HAMP, including the requirement that the applicant reside in the property. Because of these complexities, people often obtain professional guidance to navigate them through the often daunting modification application process.

If you are interested in learning more about mortgage modification, including those available under the HAMP program, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.