Home Affordable Modification Plan Loan Program

Home Affordable Modification Plan (HAMP) is a popular variety of home loan in the United States. Backed by the federal modification program initiated by the President, HAMP has gained immense popularity and acceptance in the real estate market. The program includes $75 billion as its incentive amount that was created to help people who have taken a home loan and are not able to pay it off, or for those people who are soon going to be in this situation.
 
The benefit using this loan program is that people can retain their home with no need to surrender it. The rate of interest is very low (at 2%) and the length is between 30 to 40 years.
If you own a property in Los Angeles and you're finding it difficult to pay off your existing mortgage, you can make use of the HAMP. However, there are certain criteria that need to be fulfilled to be eligible for this loan. If you have bought your property before January 1, 2009, then you can get this loan. Again, the amount of the loan for a one unit property must be less than $729,750, but higher in case of a property with more units. You can easily get the loan if the loan amount to be paid every month is more than 31% of your monthly earning, including the insurance, taxes, and additional dues. If you are going through a financial crisis, you can apply to get this loan.
To apply for the loan correctly, you need to follow certain steps. You must consult your lender and document a request seeking the approval of HAMP. You must provide a written statement that you are going through financial turmoil and need this loan program. You have to prepare an income and expenditure statement, and produce the vital documents such as tax papers, income receipts, other papers, etc. You need to produce a bank statement after a couple of months.
Remember that even a small mistake in the application procedure can be a hindrance to qualify for HAMP. You must carefully read and understand all the essential data regarding the loan. Calculate the ratio of debt and the amount that you can pay every month against the loan program. Based on that, prepare a new financial statement that will clearly show how much you can pay every month. Make sure the proposal you submit is error-free.
HAMP works between the lender and the borrower directly. You cannot involve any third party in the process. The rules to get this loan program are similar in Los Angeles, New York, San Diego and any other real estate markets apart from?? (outside of?) California.

Find free information about HAMP and other loan programs. Visit www.magnifundgroup.com.

 
 

View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/home-affordable-modification-plan-loan-program.html