Home Affordable Modification Program

Hey there readers!! I am back once again and today I want to share some information that many home owners are not aware of. In today's uncertain economy many have lost their homes to either foreclosure or short sale but did you know if you want to keep your home that over one hundred mortgage companies have agreed to participate in the Home Affordable Modification Program (HAMP).

This foreclosure alternative provides assistance to home owners struggling to pay their mortgage and avoid foreclosure. To be eligible for HAMP, the following criteria must be satisfied such as: 

• the property must be the principal residence of the borrower
• the mortgage originated prior to January 1,2009 
• the mortgage is owned or guaranteed by Fannie Mae or Freddie Mac 
• the borrower is delinquent or default is foreseeable 
• the borrower can prove hardship and 
• the principal amount of mortgage is less than $729,750.00

I recommend that you contact your mortgage lender to inquire about this program before you give up and allow your home to foreclose. For more information on this program, contact HAMP

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