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Portland foreclosure Modifying your mortgage under the Making Home Affordable Program

Borrowers with reduced income or hardship can modify their loan that would otherwise not qualify for a refinance. Borrowers still need to be able to demonstrate a steady source of income. Homeowners struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income can apply. A Home Affordable Modification will provide mortgage payments they can afford. A modification could help you better your long-term finance prospects in many ways:
  • Lower your monthly payments; or
  • Build-up equity more quickly; or
  • Move to a fully amortizing-loan from an interest-only loan; or
  • Move from an adjustable rate or balloon program to the security of a fixed-rate mortgage
To apply for a modification under HAMP, you must:
  • Be the owner-occupant of a one to four unit home and have an unpaid principal balance that is equal to or less than:
    • 1 Unit: $729,750
    • 2 Units: $934,200
    • 3 Units: $1,129,250
    • 4 Units: $1,403,400;
  • Have a first lien mortgage that was originated on or before January 1, 2009;
  • Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31 percent of your monthly gross (pre-tax) income; and
  • Have a mortgage payment that is not affordable due to a financial hardship that can be documented.
If you answered YES to all of these questions, you may be eligible for a modification under HAMP. Only your servicer will be able to tell you if you qualify.

Do I need to be behind on my mortgage payments to be eligible for a modification under HAMP? No. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default. An example of imminent default might be that the borrower had or will have a significant increase in their mortgage payment that they cannot afford. If you have had or anticipate a significant increase in your mortgage payment or if you have had a significant reduction in income or have experienced some other hardship that makes it impossible to pay your mortgage, contact your servicer. You will be required to document your income and expenses and provide evidence of the hardship or change in your circumstances.



Making Home Affordable
Refinance
Modification

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