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The Home Affordable Modification Program: What is it?

In the wake of the real estate crisis that began in 2008 and 2009, numerous Texas homeowners have benefited from federal programs designed to help them prevent home foreclosure. One of these programs is called the Home Affordable Modification Program. By using HAMP, Texas homeowners can defend against a pending home foreclosure action, stop and/or pause a foreclosure action from moving forward or prevent foreclosure from happening in the first place.

The Home Affordable Modification Program can be very helpful to homeowners because they can use it to obtain a loan modification to lower their mortgage payments. Borrowers who qualify for HAMP must have the following conditions present:

-- The mortgage loan was finalized on or prior to Jan. 1, 2009.

-- The debt is not greater than $729,750 for single unit rental spaces and primary residences.

-- The debt is not greater than $934,200 for 2-unit rental properties, $1,129,250 for 3-unit properties and $1,403,400 for 4-unit rental properties.

-- The property is not condemned.

-- You're suffering from financial difficulties.

-- When the mortgage has been secured by other property (property that isn't your primary place of residence), you are in default on the loan.

-- Based on your current income, you cannot afford a modified payment.

-- You don't have a criminal record relating to real estate transactions or mortgages during the last 10 years.

San Antonio residents who meet the above qualifications and are facing foreclosure might be able to benefit from HAMP. This is an excellent way to save a home that is in danger of being lost to foreclosure, so be sure to discuss HAMP and any other foreclosure defense options with an experienced lawyer.

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