Alternatives to Home Affordable Modification Program

While the standard HAMP program might suffice for some people working 40 hours a week, it won’t work for those who don’t work a job but still need help. In the case of veterans who are disabled or otherwise can’t work, or other government workers due benefits for their labors in the past, special HAMP programs exist.

This is a great solution for those that need help because they are facing foreclosure of their home or need help refinancing.

These variations on the standard HAMP setup typically include lighter requirements and simpler paperwork as well as a higher success rate in applications overall. These are the easier ways to get HAMP funding if you find yourself facing foreclosure.

VA-HAMP

The Veterans’ Affairs department will be all too happy to help ailing veterans keep a handle on their homes and their lives with specially designed VA-HAMP services. These are not widely available and members of the general public shouldn’t even ask; this kind of assistance is available only to those who put their lives on the line in active military service.

Unfortunately, like other veterans’ benefits, the wait lines are long, maybe so long you’ll be homeless and suffering from foreclosure by the time your country comes to your aid.

FHA-HAMP

The Federal Housing Administration also backs a handful of HAMP loans and if your mortgage has been bought up, guaranteed or otherwise aided by this agency, you’re getting help from one of the biggest networks in the country.

There are literally hundreds of thousands of homeowners depending on these FHA-HAMP funds to keep them going and as long as the money is there, these people will be okay for another month still.

This is no permanent cure to mortgage issues and while it will help for a time, homeowners should be looking for ways to increase income or reduce costs for the immediate future.

FHA Short Refinance

This is not exactly a HAMP program but it is a viable alternative when you’ve already qualified for that and still need further assistance. In the event your home has become worth less than its original mortgage amount, you may qualify for this short refinance which effectively eliminates the difference and shrinks your mortgage down to a more manageable and fair amount.

If you really think about it, this is very much like the bailouts which let large companies continue to do business despite being bankrupt at the end of the year. As long as it keeps you in your home, why sweat the details?

Home Affordable Unemployment Program (UP)

HAMP is helpful but useless to people who are currently without employment. Do not despair; thanks to programs like UP, you can still get help keeping your home even if you don’t have any money coming in. Qualifying for UP is simple and as long as you qualify for unemployment benefits in your state, you can pretty much sign up with UP without a thought.

This is a great alternative to HAMP when you need some kind of immediate help but none is forthcoming from elsewhere. A home loan modification attorney can tell you more about this, including the restrictions and special circumstances which exist for homeowners whose homes were guaranteed by either Fannie Mae or Freddie Mac, two big, bad banks.


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