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  • Other HAMP Programs

    The Federal Housing Administration Home Affordable Modification Program (FHA-HAMP), Veterans Affairas and United States Department of Agriculture each back HAMP programs and if you have a mortgage backed by one of these agencies, then your application should go through the appropriate agency. Contact a home loan modification lawyer for more information. The requirements for these programs are much like the basic HAMP program, with the core focus to reduce the mortgage payments for the home owner to an amount that they can afford, that amount being no more than 31 percent of pre-tax income.

    FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)

    In addition, the Federal Housing Administration also offers a program for homeowners who are current in their mortgage payment obligations but their home is worth less than the mortgage. The program is called the Federal Housing Administration Short Refinance program. The program is similar to that of the Principal Reduction Alternative (PRA) program, but for loans backed by the FHA. To qualify for this assistance, the homeowner home loan must not be owned by Fannie Mae or Freddie Mac, the home must be valued less than the current mortgage, total debt is less than 55 percent of pre-tax income, the owner occupies the residence and all payments are current.

    Home Affordable Unemployment Program (UP)

    If you are currently unemployed, then there is also assistance available for you. The UP program is designed just as the HAMP program, with the option of suspending mortgage payments for at least twelve months to give the borrower some breathing room and the chance to focus on stabilizing and rectifying their current financial hardships.

    To qualify for this program the homeowner must also be able to qualify for unemployment benefits. The other HAMP requirements are basically the same, in that the homeonwer must reside in the residence in question, that the mortgage started prior to January 1st, 2009 and that the principal owing is no more than $729,750. The applicant must not also be part of another modification program. Homeowners with Fannie Mae or Freddie Mac are not eligible program but can qualify for programs offered by both of these agencies. Please contact a home loan modification lawyer for more information or to assist with documents and eligibility. Applicants can submit requests if eligible until December 31, 2013.

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