HAMP Expiration: Modification Program (“HAMP”) Set to Expire on December 31, 2013Subscribe to Rss Feed
HAMP Expiration: Modification Program (“HAMP”) Set to Expire on December 31, 2013
If you have been unsuccessful in your attempts to obtain a loan modification on your home now might be the time to retain a professional loan modification expert to assist you. According to www.makinghomeaffordable.gov the government sponsored Home Affordability Modification Program known as “HAMP” is currently set to end program enrollment on December 31, 2013. While it is possible that HAMP will be extended there is no guarantee that it will. HAMP is an extremely beneficial loan modification program that utilizes many tools (interest rate reductions, amortization extensions, principal forbearances, etc.) in attempt to create an affordable payment for qualifying homeowners. Loans owned by Freddie Mac and Fannie Mae are automatically eligible to be run through HAMP, however, if your loan is not owned by Freddie Mac or Fannie Mae you will need to check with your Lender to determine if you are eligible for a HAMP review of your loan modification request. If you have been struggling with your Lender and have yet to obtain a loan modification, do not waste valuable time before seeking professional assistance. If you do not feel that you are making positive movement or if your application is lingering on appeal now might be the time to get a second opinion. HAMP is a very good loan modification program and if it goes away lenders might only offer investor based modifications which, typically, do not provide for as favorable terms as HAMP. Lenders such as IndyMac and Nationstar rely heavily on HAMP for processing loan modification requests and it will be very interesting to see what, if anything, they will offer distressed homeowners if HAMP is no longer available.
In conclusion, distressed homeowners need to be aware of the looming HAMP expiration date set for the end of this year and try to resolve their loan modification issues as soon as possible. Allowing the situation to linger could be disastrous. For more information regarding loan modifications you may visit www.californialoanmodificationattorney.com.