What is HAMP?
In an attempt to offer assistance in the face of the housing market crash in 2008, Congress passed the Emergency Economic Stabilization Act of 2008 which authorized many programs designed to alleviate the economic stresses caused by decreased foreclosure risk. Key among these programs is the Home Affordable Modification Program, or HAMP. This federal program is geared towards homeowners who have struggled with increased expenses or decreased income. It allows homeowners to adjust their monthly mortgage payment to make it more reasonable in the face of financial crisis.
The attorneys at Hong Law, PLC know how stressful financial trouble can be, and we want to ensure that your monthly mortgage payments won’t lead to foreclosure.
Qualifying for HAMP
HAMP allows you to restructure your mortgage arrangement so that each monthly payment does not exceed 31 percent of your monthly income before tax. If you meet the following criteria, you may qualify for HAMP assistance:
- If you struggle to come up with your monthly mortgage payments.
- If you obtained your mortgage on or before January 1, 2009.
- If your property has not been condemned.
- If you have not been convicted of a mortgage or real estate crime in the past ten years.
- If you owe up to $729,750 on either your primary residence or a one-to-four unit rental property.
There are a number of complex steps involved in applying for HAMP relief. In order to ensure that each step is completed correctly, you may want to seek the help of a qualified legal professional.
Contact a Cedar Rapids Mortgage Modification Lawyer
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office