HAMP Program News
The White House Administration’s Home Affordable Modification Program is another program designed to help American homeowners weather the storm of the real estate bust and resultant lending industry freeze. This program has reportedly helped thousands of homeowners renegotiate the terms of their home loans so they can continue to pay their mortgages instead of defaulting on them during these trying times. One benefit of the program is also that lenders don’t end up stuck with more debt in the form of foreclosures.
The Home Affordable Modification Program, also known as HAMP program, website has a simple Payment Reduction Estimator for homeowners to use to help figure out how to if their mortgage payment is more or less than 31% of their monthly income. Using this tool and others available on the website, homeowners can find out f they are eligible for the HAMP program.
This estimating tool will show how much homeowners may be able to reduce their monthly mortgage payment if they meet all of the requirements set forth under the HAMP program guidelines.
While not all homeowners are in need of help making their monthly mortgage payment, many need any help they can get to stay away from defaulting on their mortgages. It is clear that the administration is serious about keeping the housing market from suffering any more damage. On Friday, President Obama pledged an additional $1.5 billion in funding for the states that suffered the biggest home price losses. This move is covered under the Emergency Economic Stabilization Act of 2008 (EESA). Go to www.tombrewerjr.com for more information.
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