At The Law Offices of Richard B. Rosenblatt, PC, we strive to help individuals and families keep their homes. Loan modification is an alternative that allows homeowners to stay in their homes, even if they cannot make their mortgage payments. Through loan modification, the monthly payments are reduced so that homeowners are able to pay it off.
There are several types of loan modification programs that a homeowner can enter in order to reduce payments. To learn more about the types of programs in Maryland, contact our law firm at 301-637-0402 to schedule an initial consultation.
Home Affordable Modification Program (HAMP)
Even though you have a job, you may still have difficulty making your mortgage payments. The Home Affordable Modification Program (HAMP) may be the most appropriate program for you. HAMP allows you to pay a lower monthly mortgage payment.
In June 2012, the Obama Administration expanded the coverage of HAMP to include homeowners who:
- Are applying for a modification on a home they will rent to tenants
- Previously qualified for HAMP but defaulted on their payments
- Previously did not qualify for HAMP because debt-to-income ratio was 31 percent or lower
Home Affordable Refinance Program (HARP)
Even if you are not behind on your mortgage payments, you may still want to refinance your home. However, there are some situations in which you are unable to refinance your home because the value of your home has declined.
If the above-mentioned situation applies to you, then the Home Affordable Refinance Program (HARP) may be the best option for you. This program allows you to get a more affordable mortgage. Our attorneys can help you with the loan application and guide you through the HAMP process so that it will be easier for you to keep your home.
Other Loan Modification and Foreclosure Prevention Programs
- If you are unemployed, the Home Affordable Unemployment Program (UP) works to get lenders to suspend your mortgage payments during your job search without losing your home.
- For those who want to move but owe more than their home's market value, the Home Affordable Foreclosure Alternatives Program (HAFA) provides assistance negotiating short sales and deeds in lieu of foreclosure. This may allow you to sell or give back your house while limiting or eliminating your debt. Relocation assistance is also available.
- If you are underwater on your mortgage (owe more than your home's value) but are up to date on your payments, the Federal Housing Administration Short Refinance for Borrowers With Negative Equity (FHA Short Refinance program) could refinance and transfer your mortgage into a more stable and affordable FHA-insured mortgage.
- District of Columbia residents may be eligible for the Hardest Hit Fund (HHF), which offers help with loan modifications, mortgage payment assistance and transition assistance.
Learn More About Modifying the Terms of Your Mortgage: Free Consultation
Our legal team may be able to help you avoid foreclosure through loan modification. Learn more about HAMP, HARP and other loan modification programs today in a free initial consultation with a lawyer from The Law Offices of Richard B. Rosenblatt, PC. Contact us online or call 301-637-0402.