How Can HAMP Help You Keep Your House?

If you’re working a full time job but you still can’t make ends meet and foreclosure is looming in the immediate future, you don’t need to despair quite yet. While things might look bad, you might just qualify for one or more federally sponsored programs to help with your mortgage debt.The Home Affordable Modification Program, or HAMP, is just one of these programs which help people to stay in their homes and avoid foreclosure, as well as the damning effects that process invariably incurs on a homeowner’s credit rating.Home loan modification programs for unemployed individuals do exist, but HAMP is exclusively for people who are working and still cannot make their monthly mortgage payments. It is important to note that while you may qualify wide and far for HAMP assistance, not every lender is signed up with the program and your own lender may not comply with your requests.

Contacting a home loan modification lawyer is the quickest way to cut through all the red tape and the surest way to know your interests are being protected.

You must currently be living in your home and the mortgage needs to be old, from before January 1 of 2009. After that, you’re not going to quality for HAMP assistance unless you meet some other, very specific restrictions.

The money you pay every month for your mortgage must also total a third of your gross annual earnings. That’s right; for this qualification the government will count your pre-tax earnings, not the money you actually have once you’ve paid your dues and obligations. It’s a bit underhanded but getting any kind of help at all is preferable to going it alone, especially when a loss means being homeless.

How to Qualify for HAMP Assistance

Now that you know how it can help you, qualifying for the assistance available through HAMP and other programs becomes the next step. It’s a difficult one too, full of proof, papers and other stuff you must collect and keep ready at all times. You must have missed some payments or be able to prove you’re about to miss payments on your mortgage, which means coming up with detailed financials for the last several months.

You need pay stubs, proof of expenditures including utilities, mortgage bills, car payments and more. There is a horde of information you’ll need to collect before considering a claim.

With the help of a home loan modification lawyer, you should have all the documentation you need to make a HAMP claim in no time flat. Once you know how to qualify and you have the right stuff, you must actually file an application for HAMP assistance.

You will need a specific tax form, the 4506-T or EZ version if applicable. Send that to your government agency while sending the HAMP request directly to your lender.

You will need to provide proof of income as well. That means all income and you can believe if you’re looking for tens or hundreds of thousands of dollars in government aid that someone is going to be investigating how much money you make.

Don’t try to lie or mislead on this step; provide all the proof you can reasonable come up with and show exactly how much money you make.


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