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# HowTo Package Your Loan Mod Application Kit
# HowTo Phone Negotiation Tips
# HowTo Complain & Motivate To Get Action
# HowTo Follow Up by Phone, Fax, Mail
# HowTo Use a Qualified Written Request
# HowTo Use a Mortgage Audit As Your Ultimate Weapon
# HowTo Fight Rejection Tactics
# HowTo Stop a Foreclosure Sale In 1-Day
# HowTo Remove Bad Credit & Raise Your FICO Score
# HowTo Eliminate All Your Debt

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Q: How does the government HAMP program help me keep my home?

Answer: President Obama’s Home Affordable Modification Program, called HAMP for short, has been created to help homeowners at risk for foreclosure.

Click here to see if your lender/servicer is participating in the HAMP program

To qualify you must:

  • Occupy your home as a primary residence
  • Have a monthly mortgage payment that is greater than 31% of pre-tax monthly income

Click here to use the Modification Evaluator Tool to determine if you meet this percentage

There is another tool available to help you called the Payment Reduction Estimator that helps you determine what your current debt-to-income is and how much your monthly payment may be reduced if you qualify for a modification

  • Have a loan amount less than $729,750, which is the current Fannie Mae and Freddie Mac loan limits
  • Be unable to afford your current payment

Check out our HAMP Program page for more helpful links about the program

How you can force your loan servicer to get off the dime and approve your loan modification - especially if they have been jerking you around

  • In your loan modification application, include a Qualified Written Request that requests a copy of the note. This is the note that is referred to in the video segment. If they cannot produce it, which is highly likely, you've got leverage against them to negotiate aggressively, ie, get a principal reduction along with better interest rate terms. This will likely an in-house modification deal, not a HAMP deal.
  • NEW: Robo-signing scandal may give legal leverage for approval Read More Here
  • Watch the Q&A Coaching Videos for more help:
# HowTo Package Your Loan Mod Application Kit
# HowTo Phone Negotiation Tips
# HowTo Complain & Motivate When Getting the Run Around
# HowTo Follow Up by Phone, Fax, Mail
# HowTo Use a Qualified Written Request
# HowTo Fight Rejection Tactics
# HowTo Stop a Foreclosure Sale In 1-Day

A mortgage on a 1-4 multi-unit property may be eligible for loan modification if the owner lives in one of the units as a primary residence.

There is an incentive if a homeowner that qualifies, pays their modified loan payments on time for five years, namely, a $5,000 credit to be applied to reduce the principal debt on the first mortgage.

If you think you qualify for the government hamp program, you need to find out whether your bank or loan servicer is one of the 71 service organizations participating in HAMP.

FannieMae loan lookup: The Fannie Mae Loan Lookup enables mortgage borrowers to quickly determine if Fannie Mae owns their loan by providing a street address, unit, city, state, and ZIP code.

FreddieMac loan lookup tool

In addition, roughly 2,300 lenders service loans owned or guaranteed by Fannie Mae or Freddie Mac, and are automatically able to participate in HAMP.

The top servicers participating in the program are:

Saxon Mortgage Services and CitiMortgage lead the way in terms of the percentage of eligible loans with trial modifications started. Saxon has initiated trial mods on 35,027 mortgages – that’s 44 percent of its eligible loans. Citi has 88,968 trial mods on course, or 40 percent of its eligible home loans.

When you add up the number of active trial mods for each servicer, Bank of America takes the top spot with 136,994 modifications in the trial phase, but that equals only 14 percent of the lender’s eligible loans. J.P Morgan Chase runs a close second in terms of the total tally with 133,988, or 32 percent of its eligible mortgages. Wells Fargo ranks third, having initiated 93,652 trial mods on 29 percent of those eligible.

According to Faith Schwartz, executive director of HOPE NOW, since the beginning of 2009, servicers have also offered additional workout solutions through repayment plans and modifications to over 2.3 million homeowners.
Source: http://www.dsnews.com/articles/government-modification-program-has-helped-20-percent-of-eligible-borrowers-2009-11-10

Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster

Click here to get proven help with your home loan modification

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Get more help on fighting to stop a foreclosure with one of 7 options. For example, if a loan modification is not an option learn about a little-known government program that will stop a foreclosure in less than a day without an expensive attorney.

Also get the latest foreclosure news around the country, read Q&As and other resources.

Legally Restore Your Credit
If you are visiting this blog, you likely have mortgage lates, which are a big blemish on your credit report. Once you resolve your mortgage situation, you can legally remove those mortgage lates and all derogatory credit from your report without having to hire an expensive attorney or credit repair service.

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Related posts:

  1. Government loan modification program HAMP is only helping very few homeowners
  2. Citi Mortgage says HAMP government program to blame for increase in delinquencies
  3. Government agencies set new HAMP guidelines on documentation
  4. Wells Fargo expands its use of the HAMP home loan modification program
  5. Q: What does the value of my home need to be to qualify for the HARP program?

Tags: check my hamp eligibility, find information about the new government hamp program, getting approved for hamp program, government hamp, government hamp program, hamp homeowner, hamp loan modification program, Home Affordable Modification Program

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