In an effort to continue to provide meaningful solutions to the housing crisis, effective June 1, 2012, the Obama Administration expanded the population of homeowners that may be eligible for the Home Affordable Modification Program to include:
- Homeowners who are applying for a modification on a home that is not their primary residence, but the property is currently rented or the homeowner intends to rent it.
- Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lower.
- Homeowners who previously received a HAMP trial period plan, but defaulted in their trial payments.
- Homeowners who previously received a HAMP permanent modification, but defaulted in their payments, therefore losing good standing.
If you are a homeowner who falls into any of these criteria, you may be eligible for a modification under the expanded criteria. Please contact my office to see if you are eligible to begin the HAMP evaluation process. I can help.
Debra G. Simms
Orlando
Daytona Beach
Call now: Toll free: 1-877-447-4667
It’s old news that the financial crisis and the housing market created devastating consequences for homeowners and communities throughout the country. Workers who have lost their jobs or had their hours cut are struggling to stay current on their mortgage payments. Refinancing to lower mortgage rates is not an option for even those with a steady income because in many cases the property isn’t worth what’s currently owed. Millions of families are expected to face foreclosure and bankruptcy in the next several years.