Avoid Losing Your Home to Foreclosure Under HAMP Obama Plan

A new law in the United States President Barack Obama has created what is known as the home of affordable plan amendment, sometimes referred to by the acronym Hamp. Hamp is a modification program to be paid at $ 75 million economic stimulus money under the Economic Recovery Act of 2009 and was designed to help homeowners who are in danger of losing their home, or goes into default, or for those homeowners who are already in default on their mortgage payments under the program kredita.Cilj Hamp Obama is to provide a homeowner with affordable monthly payments they can afford in the long run to avoid them losing their homes.

Guidelines for Approval of Hamp mortgage refinance

government has set the standard guidelines for being approved for a refinance mortgage loan under the Affordable Home Plan Amendments. If you can not meet the guidelines, you are very likely to be approved under the program. First of all, a home that you are looking to refinance mortgages to be your primary residence, loans on the secondary residences, vacation homes or rental or investment property is not considered

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your existing mortgage must be taken out before 1 January, 2009; loans written after that date do not meet uvjete.Cijeli loan must be written for an amount less than $ 729,750. Your current payment must be more than 31% of your gross monthly income, including principal and interest, homeowners insurance and taxes, and property taxes). (Keep in mind that the gross monthly income is your take home pay, not net profits). You must also be able to prove that you are experiencing financial difficulties that caused it can not sustain its current arrangement with the mortgage loan.

application for Hamp program

To apply for refinancing under the provisions of Hamp program, you will need to contact your lender and let them know that you are interested in refinancing. You will need to complete an official statement of the difficulties and write a letter documenting your difficulties in your own words. You must also provide a financial account statement and income tax returns, which detail your income and your other expenses. This includes income for all household members, including income from investments and income from your spouse, or retirement. You will also need to meet the borrower's statement and provide the lender with making a paycheck, award letters, etc. You must provide bank statements for checking and savings accounts for the previous two months.

In order to qualify for the program Hamp

Hamp program is designed in a way that allows borrowers to apply and qualify directly with their existing lenders. It is important that owners understand that there are tons of scams that have sprung up about this program, and that it is unnecessary to pay any third party organization, in order to qualify for assistance in refinancing Hamp. The program is completely free for borrowers and the qualification involves the application by the lender for this special mortgage refinancing program.