The borrower must qualify for the HAMP:
- the borrower must be behind on the mortgage and be on a course for foreclosure,
- the home must be the borrowers principal resdience,
- the mortgage must have originated by 01-01-2009 and the loan balance cannot exceed $729,750 for single family properties.
If the Buyer is eleigible the servicer will reduce the mortagage to 31% of the borrowers total pretax monthly income:
- the first thing is to reduce the interest rate to as low as 2%,
- the next thing to do is extend the loan to as far out as 40 years,
- the final thing is to move any unpaid balance to the end of the loan and allow it to be paid off when the home is sold.
The HAMP includes incentives for the borrowers, loan servicers, and investors.
If you are behind on your mortgage call me to discuss your options. I can assist you with a shortsale and possibly save your credit.
I can be reached at 479-640-8375 or email me at [email protected].