Cedar Rapids Mortgage Modification Lawyers
In response to the ongoing mortgage crisis which became evident in 2008, Congress enacted the Emergency Economic Stabilization Act of 2008, which authorized a variety of programs aimed at alleviating the risk of foreclosure faced by millions of homeowners struggling to make their payments, most notably the Home Affordable Modification Program (HAMP). For many homeowners, foreclosure is a constantly looming threat facing them as they attempt to stay up to date on mortgage payments that often exceed their means, despite having a sustainable income and honest effort to fulfill the terms of the loan.
At the Hong Law, PLC, our Cedar Rapids mortgage modification attorneys understand the predicament that many borrowers are facing in the midst of a slumping economy and are committed to helping our clients find solutions to their debt situations that are appropriate to their unique financial identity and standing. To learn more about the process of loan modification through HAMP, call us today at (319) 294-5853.
Qualifications for Modification
In order to protect the program from rampant abuse, there a number of qualifications which a borrower must meet in order to take advantage of HAMP and modify the terms of their mortgage. The following eligibility requirements and restrictions apply:
- Loans must have originated on or before January 1, 2009
- The property must be owner-occupied, and may have an unpaid principal balance of up to $729,750, or higher for properties with 2-4 units
- The borrower’s monthly payment consisting of principal, interest, tax, and insurance exceeds 31% of their gross monthly income
Should you meet these requirements, you may be able to protect yourself from foreclosure by taking swift action to modify your loan under HAMP guidelines.
Working with lenders to modify a loan can be an incredibly frustrating task without the assistance of a skilled legal representative. With the help of an experienced Cedar Rapids mortgage modification lawyer from the Hong Law, PLC, you will have access to a highly knowledgeable and effective legal team that can help you to meet the exacting and specific demands of your lender during the modification process. For a free consultation to discuss the details of your case, call us today at (319) 294-5853.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office