HAMP (the Home Affordable Modification Program), the government’s loan modification program, formally expired December 30, 2016. If you contacted our office before the end of the year and coordinated your case submission with Homeowner Protection Alliance your application was accepted before then. If you did not contact our team at Homeowner Protection Alliance, than HAMP is no longer an option for you.
Do not panic, you can still avoid foreclosure by applying, qualifying and being approved for an in-house loan modification.
In-house modifications are also called traditional or proprietary modifications. They have existed before HAMP was created and are given according to each lender’s standards. In fact Homeowner Protection Alliance has been helping homeowners qualify for traditional modifications before HAMP or the MHA (Making Homes Affordable Program) were introduced by the Obama Administration.
In fact, the In-house modifications can provide benefits that HAMP did not since a lender or investor does not have any strict guidelines or requirements to comply with.
The Benefits of In-House Modification Programs
Expedited and Quicker Review. Since the mortgage company reviewing the case does not need to wait for the approval of the government program, Homeowner Protection Alliance has witnessed much quicker and a speedier review process with Traditional In-house programs.
Less Trial payment periods. HAMP and MHA required trial periods to determine a homeowner could afford the mortgage, and on many occasion the staff at Homeowner Protection Alliance would have to still resubmit the cases again even after the trial period. In-house programs and traditional modification programs will often modify the terms of the mortgage without the delay of a trial period.
Fixed interest rates. While most HAMP modifications had interest rates that increased over 5 years, in-house modifications can have a low fixed interest rate for the whole term of the mortgage.
Applying for an In-Mouse Modification
Contact our team at Homeowner Protection Alliance. Your advocate will schedule a conference call between you and your loan servicer to verify if you eligible for an in-house modification.
Your personal Advocate here at Homeowner Protection Alliance will assist you with all the forms and documents needed to begin the review process for a traditional or in-house program. The documents required will be:
- Utility bill
- Hardship letter
- Bank statements
- Last 2 years tax returns
- Financial worksheet
Updated bank statements and utility bills have to be sent in each month that the application is under review. Many homeowners find sending in the same documents multiple times to be frustrating. That is why our team at Homeowner Protection Alliance will always be available for your needs and requests.
One of the benefits of HAMP was that borrowers who were eligible for participation in the program were required to be evaluated for it. Your lender is not required to evaluate you for an in-house modification. Without government action, you will without a doubt need the assistance that Homeowner Protection Alliance provides. Your case will absolutely require the attention and protection that Homeowner Protection Alliance provides, free of cost
Call us today with any and all questions relating to the Traditional loan modification programs, as well as the In-house programs.