Affordable Mortgages Under HAMP
If you have officially received approval for a loan modification under the Home Affordable Modification Program (HAMP), your loan servicer will make sure that your new monthly mortgage payment is no more than 31% of your monthly income.
The strategies used to lower your mortgage payment under HAMP include the following:
- Reduction of your interest rate – a rate as low as 2% is a possibility. In return for the low rate, the U.S. Treasury Department extends financial incentives to your loan provider. This doesn’t mean that everyone who qualifies for a HAMP loan modification will get 2% interest rates. If a 5% rate is sufficient to lower you mortgage to an affordable payment, then a 2% rate would not be necessary.
Almost 3 Million Homeowners Recieve Foreclosure Notices in 2009
Almost 3 Million Homeowners Recieve Foreclosure Notices in 2009
Joe Sloboda, Burgess Law Firm
The amount of homeowners in the United States who received foreclosure notices in 2009 is staggering and reached a record setting number of almost 3 million. This is leaving many people to wonder what can be done for the millions of people who are falling behind on their mortgages every month. 