Mortgage Modification in Cedar Rapids
As a key legislative response to the mortgage crises, the Emergency Economic Stabilization Act of 2008 comprises a number a programs—particularly the Home Affordable Modification Program (HAMP)—intended to reduce the risk of foreclosure that millions of homeowners face. The relief offered by these programs is substantial, especially for families who are constantly struggling to stay up-to-date on mortgage payments that are unrealistic, despite their honest intentions and sustainable income.
Qualifying for Mortgage Modification
However, as a precaution against homeowners who may attempt to abuse these programs, individuals must meet a number of qualifications in order to utilize programs like HAMP. Homeowners, then, must meet the following eligibility requirements to apply for mortgage modification:
- The loan must have been assumed on or before January 1, of 2009
- The property must be currently occupied by the owner, with an unpaid principal balance of up to $729,750
- The borrower’s monthly payment consisting of principal, interest, tax, and insurance constitutes more than 31% of their gross monthly income
Homeowners who do meet these requirements will be considered eligible to modify their mortgages under the HAMP guidelines.
Consult With a Cedar Rapids Mortgage Modification Attorney
At Hong Law, PLC, our Cedar Rapids mortgage modification attorneys understand the complexities involved in the mortgage modification process and have the experience to help you reach a quick resolution. To discuss the particulars of your circumstances with one of our mortgage modification attorneys, please call our Cedar Rapids offices at (319) 294-5853 today.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office