The Obama Administration introduced two loan modification programs known as the Federal Home Affordable Modification - HAMP Program and the Federal Home Affordable Refinancing - HARP Program. Both mortgage modification programs were launched in March 2009 and provide finance adjustment help for those homeowners who qualify. These two modification programs are designed to provide homeowners facing possible foreclosure an opportunity to keep their home.

What Is The HAMP Program?
The HAMP Program is a mortgage modification helping homeowners who have suffered financial hardship including loss of a job, death of a spouse or loss of household income. It is a loan alteration help to get their home mortgage modified without having to refinance.

Requirements
• Must be living in your property when you apply:
• Have obtained your mortgage before January 1, 2009;
• Your mortgage balance is under $729,750 for a single family residence, $934,200 for a duplex, $1,129,250 for a triplex, and $1,403,400 for a 4 unit home;
• Your mortgage payment (including principal, interest, taxes, insurance, home owners association dues) must exceed 31% of your gross monthly pre-tax income;
• You can not afford your current mortgage payment due to a financial hardship that can be documented.

What Is The HARP Program?
The HARP Program is one of the loan modification programs intended to help those homeowners who want to refinance their mortgage but can't because their homes value has decreased enough to prevent them from qualifying for normal Fannie Mae and Freddie Mac conventional lending loan to value guidelines. A loan changes with HARP may be the answer.

Requirements
• Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. (Contact Fannie Mae or Freddie Mac);
• When applying for the HARP Program loan modification help you must be current on your mortgage payments. Current is defined as not more than 30 days late on your mortgage payment in the last 12 months. If you have had the mortgage for less than 12 months, then you cannot have missed a payment;
• Your mortgage balance cannot exceed 125% of your homes value;
• Your income is sufficient to pay back the new mortgage payment;
• Your mortgage loan modification must improve the long term stability and affordability of your current mortgage.

Example: your current mortgage is a 10 year Interest Only Mortgage and you are making a loan modification to a 30 year fixed rate mortgage.

Add Your Picture

Article Submitted By: Tracey1
This Article Has Been Read 178 Times

---

Remember: The article body, title, author bio and links may not be changed or removed. By publishing this article, you agree to all the terms in our Terms of Service.
Get the HTML for reprinting the article to your site

Rating: Not yet rated

--Choose-- 0 1 2 3 4 5

Mortgage Refinancing - Some Facts You Need To Know

How Does A Low Mortgage Rate Refinance Work?

Determine Whether Or Not You Should Refinance

Do Not Miss Out By Secured Loans And Remortgages.

Finance woes refuted with foreclosure consultation

VA Streamline Refinancing to boost the payback period

Do You Need Home Mortgage Refinance Loan?

Obama's Federal Home Affordable Refinancing Program

Yielding Productive Mortgage Rate Comparisons

Your Jacksonville Refinance Made Simple

Loan Modification and Mortgage Negotiation

Refinancing home and Mortgages consultants

Identifying and Avoiding Mortgage Fraud

Whether or not Home Refinancing is a an alternative Solution

---