Hamp Program Tips How To Get Approved For The Hamp Program

Published: 11th April 2010
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New legislation from United States President Barack Obama has created what is known as the Home Affordable Modification Program, sometimes referred to by the acronym HAMP. HAMP is really a modification plan that's getting paid for by seventy-five million dollars of economic stimulus cash below the Economic Recovery Act of 2009 and was crafted to assist homeowners who are at risk of losing their home or going into default, or for those homeowners who are already in default on their mortgage loan payments. The goal of the HAMP program under Obama is to provide the homeowner with an inexpensive monthly payment that they can afford over the long term to help them avoid losing their homes.



How do you get approved? (hint: check the links below this article for a free hamp report that you can fax into your lender and get approval)



The government has set up standard guidelines for being approved for refinancing of a mortgage loan under the Home Inexpensive Modification Strategy. If you are able to meet the guidelines, you're very likely to be approved under the plan. Very first of all, the home that you're looking to refinance a mortgage for should be your primary residence; loans on secondary residences, vacation homes, or rental or investment properties do not qualify.



Your existing mortgage must have been taken out before January 1, 2009; loans written after that date do not qualify. The entire loan should be written for an amount of less than $729,750. Your current payment should be a lot more than 31% of your gross monthly income, including principal interest, homeowners insurance and dues, and property taxes). (Keep in mind that gross monthly earnings is your take house pay, not your net earnings). You must also be able to document that you've a financial hardship that has caused you to become unable to sustain your existing arrangement with your mortgage loan.



How to apply for the HAMP program.



To apply for refinancing below the provisions from the HAMP program, you'll need to contact your lender and let them know that you're interested in refinancing. You will need to complete an official affidavit of hardship and write an accompanying letter that documents your hardship in your own words. You have to also provide monetary income statements and income tax returns that detail your income and your other expenses. This includes earnings for all household members, including investment earnings and income earned by your spouse, or retirement earnings. You'll also need to complete a borrowers statement and provide the lender with paycheck stubs, award letters, and etc. You must provide bank statements for both checking and savings accounts for the previous two months.



How To Qualify For that HAMP Program



The HAMP plan is pretty difficult to qualify for. That is why millions of homeonwers need a loan modification, but only thousands have received one. To make it easier on yourself, you should click the link below to learn about how you can generate your own free hamp report and send it to your lender.

If you want to see if you qualify and have the greatest chance of hamp program success, visit hamp program. You can generate a free report that will tell you if you qualify or not. You can then print an 18 page application that is tailored for your specific lender and send it in. Success is guaranteed. obama hamp program.


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