Fill out this form to see if you qualify for a loan modification. There is no charge for having one of our attorneys review your loan to see if you qualify for interest rates as low as 2%. In many cases the homeowner may even qualify for a principal reduction or deferment.
If you are suffering from financial hardship, then it is all too easy to feel isolated and cut adrift from your friends and loved ones. When responsible as a home owner for your family and their well being, you are liable to struggle with the challenge of meeting your mortgage repayments without becoming overwhelmed by pressure. Fortunately the Obama administration has recognized this, and created the HAMP to assist any U.S. citizen who:
The HAMP: Obama's Legacy to the Home Owners of America
The HAMP was implemented in 2009, and its purpose is to provide eligible candidates with a loan modification that amends the terms of their current mortgage agreement. This is with a view to developing a sustainable repayment plan, and one that can satisfy the lender and allow you to retain your home. Your mortgage can be modified in many ways, including:
- Reduced Payments: The interest rates on your loan can be reduced to as low as 2% under the HAMP, which reduces your monthly debt allows you to pay off more of your principal balance.
- Payment Holidays: If your hardship is temporary rather than permanent in nature, then a loan modification application can obtain you a period of grace on repayments.
How to Make the HAMP Work for You
As an eligible applicant under the HAMP, you need to be aware that any loan modification must be agreed with both your lender and banking organization. To obtain this consent, you must engage in ongoing communication with these parties, and writing a formal hardship letter is the ideal way to commence this process. A hardship letter must be concise, and objectively detail what has caused you to default on mortgage repayments and how you have attempted to resolve the issue. Lenders are required to consider various mitigating circumstances thanks to the Obama administration, so the reasoning of your argument is crucial to your cause.
To seek assistance in this process, and help you to coordinate the interaction between you, your lenders and bank, contact our experienced attorneys today. Not only are they well versed in the technical requirements of a loan modification, but they also boast contracts with several of the nations established banks and lenders, and are therefore well placed to help you avoid the foreclosure of your home.
Our Loan Modification Form: Get Started Today
The below form determines your eligibility as part of the HAMP, and whether you are able to benefit from up to 50% reduction in your payments or a plan of deferral: