Chicago IL HAMP Attorney
An Attorney in the Chicago area would understand that the HAMP or the Home Affordable Modification Program was started to help home owners get a mortgage modification in order to make their home loan more affordable. Financial incentives are given to lenders that help homeowners with this act. The incentives look like this. Lenders are given $1000 for each modification they do along with $1000 for each year that the home loan stays intact. There are strict guidelines governing who qualifies for the HAMP program.
The list below will give you some basic criteria:
- The loan must have been started prior to January 1, 2009.
- You have to be living in the home that you are going to modify.
- You must have less than $729,250 in the unpaid balance of your first mortgage.
- You must be spending more than 31% of your gross monthly income on our current principal, property taxes, and interest.
- You must not be upside down in equity by more than 5%.
- You can only modify your loan once in this program.
The most difficult portion of the HAMP program is often proving eligibility. Proof must be submitted to your lender. Our team is here to help you put together the necessary information so that you know you have all the proper documentation.
The following items are needed to prove your eligible for the HAMP program:
- Proof that you live in the home in the form of utility bills and a bower credit report.
- You must fully document your income with income taxes and paystubs.
- You must also sign a financial hardship affidavit.
Some homeowners do not qualify for the HAMP program, but there are still options out there to look at. Many lenders offer in-house modification programs for home owners. If you have any questions about the HAMP program please don’t hesitate to call. Our team is always happy to help.