Columbus Ohio Attorney Helps Homeowners Modify their Loan
The Home Affordable Modification Program (HAMP) was designed to help homeowners to avoid foreclosure by modifying their existing mortgage to meet what their budget can afford. There are specific guidelines and eligibility requirements to be met, and many financial institutions are participating in the plan to reduce losses due to foreclosure, short sales or deed in lieu of foreclosure.
One goal of the HAMP plan is to reduce foreclosures due to higher income/debt ratios, changes in employment or income, as well as the effect of any adjustable rate mortgage (ARM) increase which may have kicked in to increase the mortgage payment due.
Negotiating with your lender and navigating the bureaucracy of the HAMP plan can be overwhelming. Contact an Ohio attorney who works with homeowners, foreclosure, and the HAMP plan or call today Toll Free: 866-974-0232
Are you eligible for the HAMP plan? You may qualify for the program if you meet the following:
Are you eligible for the HAMP plan? You may qualify for the program if you meet the following:
- You are currently behind on your mortgage payments, or you face a substantial risk of defaulting
- The property associated with the mortgage is your primary residence
- The mortgage on your home was taken out prior to January 1, 2009 and has an unpaid principal balance less than $729,750 (for a single unit property)
If so your payment could be reduced to 31% of the borrowers pre-tax gross income. Your bank or lender can accomplish this by:
- Extending the loan period to 40 years
- Reducing the Associated Interest Rate to as Low as 2%
- If necessary, agree to defer a portion of the principal balance (also known as forbearance or forbearing principal) until the loan is paid off, perhaps even waiving the interest on the amount deferred
All GSE (Government Sponsored Enterprise) including Fannie Mae and Freddie Mac are covered by a GSE-specific component of the HAMP plan.
Contact My Office
If you need help with foreclosure defense, or with the HAMP program schedule a free 30-minute initial consultation. Contact my office by e-mail or call me at 614-454-3195 (toll-free at 866-974-0232). I am available to consult with you at any of three convenient locations in the Columbus area.
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