Do You Know HAMP?

If you don't know HAMP, you should. HAMP stands for the Home Affordable Modification Program and it is helpful to those who are considering the possibility of bankruptcy. This is a President Obama initiative for the purpose of making homes affordable by way of the economic bailout program. What this would do is modify a home mortgage so that it is affordable and that those who own a home can stay. The goal of this program was to lower home mortgages to 31 percent of gross income. In order to pay for this program, $75 billion in taxpayer money was put aside for it.

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So what is in it for lenders? If mortgage lenders promise to lower mortgages then Obama promises cash incentives as a tradeoff. There are certain eligibilities that you must meet in order to qualify - this program is not for everybody. If the home in question is your primary residence, if you obtained your mortgage before January 2009, if you owe as much as $729,750 on your home, if you can prove you have enough income to pay the modified amount and if you have not been convicted within the past 10 years. If there are any questions regarding your eligibility, then consult with a bankruptcy lawyer.

Not all mortgage lenders participate in this program. Call and ask your lender if they participate to see if you can qualify for HAMP. There are other forms of foreclosure prevention that may be able to assist you if you do not qualify for this program. There is a limited time to reap the benefits of this program as well. The end date is December 31, 2013. The first step is to call your lender to see if they participate. If they do, there are the necessary forms you must fill out provided on the HAMP website.

If you are close to foreclosure, there may be help for you. There are many programs and strategies like this one that are set up so that you can avoid this process legally. What would be beneficial is to obtain the help of a bankruptcy lawyer. If you reside in the South Texas area then you should consider getting help from the Malaise Law Firm. They are skilled in advising people on the best course of action and can help you file the necessary paperwork in order to ensure that you don't lose your house if that can be prevented.

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