Home Affordable Modification Program

(HAMP)

We provide real estate services to buyers and sellers in Pennsylvania (Berks County, Chester County, Delaware County, Montgomery County, Philadelphia, Drexel Hill, Haverford Township, Havertown and Upper Darby) as well as in New Jersey (Brigantine, Atlantic City, Ocean City, Camden County and Gloucester County).

Trial loan modifications consistent with the HAMP Guidelines may be offered to homeowners beginning on March 4, 2009, and may be considered for acceptance into the HAMP program upon completion of the trial period and other conditions.
 

Who can get Loan Modification?

Homeowners who simply can't afford to make their mortgage payments any longer, loan modification may be an option. Mortgage modification programs are available both at the federal level and through your individual mortgage lender. There are eligibility criteria that must be met to participate in the program.

• Amount of the principal balance left on the loan
• Ratio of monthly mortgage payment to gross monthly income
• Type of insurer of mortgage
• Primary occupant status (generally, no rental properties, vacation homes, or house flipping)
   

What circumstances warrant loan modification?

Loan modification is not for everyone. In addition to the specific criteria above, all participants must usually demonstrate an acceptable level of financial hardship that makes it impossible to continue paying down the loan at the present time.

Acceptable hardships include things like death or illness of a household wage earner, divorce, natural disaster, pay cuts, or job loss. Loan modification is reserved for those who had financial crisis happen to them, and thus are unable (through no fault of their own) to make the usual payments.
 

How do I get a loan to modify my finances?

Contact your bank to ask what types of alternative repayment plans they offer. Most offer modification programs as an alternative to foreclosure, but usually use them as a last resort. Some also participate in President Obama's HAMP Program.

If you are approved for a loan, you'll be asked to fill out an application, attached the requisite financial paperwork, and write a hardship letter outlining your financial disaster. After a review and verification process that may take between a few weeks to a few months, you'll be notified whether your application was accepted or rejected.
 

Who can help me get a modification on my mortgage?

Getting a mortgage modification is like filing a tax return: it can be done on your own. Professional loan modification companies, as long as they are trustworthy and reputable, can help you seek modification, fill out an application, write a hardship letter, see that all your application is processed as quickly as possible, and help you negotiate with the lender when your case is approved.

If conditions are right, you could take advantage of modification for your mortgage that enables you to get back on your feet, make payments, and keep your house.

To determine if you qualify under the HAMP Program, and for FREE consultation, call 610-356-8347.

Choose your agent wisely.  Working with a full-time real estate agent is a must. Ask questions of your agent.  Find out how knowledgeable he or she is about houses currently for sale in your price range and also of houses that have recently sold.  Can your agent recommend a good lender that has the reputation of excellent customer service and low rates?  Does your agent ask questions of you to have a full understanding of what you are looking for to help you get the most home for the money?

To receive your FREE copy of Homebuyer's Handbook or Homeseller's Handbook, click here.
 

Last modified:  08/22/2010