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Homewood, IL 60430
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Legal Resources > News and Information
 
News and Information

Loan Modification News and Information:

 

What is a loan modification? 

A loan modification is a permanent "change" or "modification" in the terms of your loan.  Typically it will include one or more of the following:

    a.  A reduction in your  interest rate;

    b. an extension in your loan terms (i.e., 15 to 30 year loan term);

    c. A reduction in principal, in rare cases;

 

What is the Home Affordable Modification Program or "HAMP"?

HAMP is a government sponsored program that was created to assist homeowners who are "...struggling to pay their mortgage or thirty days or more behind on their payment.."

Is my servicer participating in HAMP?

All servicers for loans owned or guaranteed by Fannie Mae and Freddie Mac are required to participate. Additional servicers are strongly encouraged to participate. The list of servicer participants will be updated at www.MakingHomeAffordable.com/contact_servicer.html. (See “How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?”)

 

How do I know if I qualify for a modification under HAMP?

You qualify for a HAMP modification if:

1. The home you’re seeking a modification on is primary residence;

2. The amount you owe on your first mortgage is equal to or less than $729,750.00;

3. Your struggling to pay your mortgage;

4. Your current mortgage payment is greater than 31% of your current monthly gross income.