Get Assisted By a Mortgage Specialist to Qualify For Program If you no longer afford to make timely monthly mortgage payments because your interest rates are higher or you have less than enough income or you are currently experiencing financial hardship, you can modify your mortgage payments to make them more affordable. Millions of households in the U.S are struggling to keep up with their mortgage payments; therefore they are at risk of foreclosure which no one would like to experience in his life. To help such distressed homeowners get rid of excessively unmanageable monthly payments and higher interest rates on existing mortgage with loan modification, federal government introduced the Home Affordable Modification Program HAMP, a part of the Making Home Affordable MHA which is a comprehensive strategy to get the housing market back on track. MHA mainly revolves around three provisions: Modification, refinance and foreclosure alternatives. To qualify for the make home affordable modification program, it is better to adhere to some guidelines. Home must be used as a primary residence by homeowner to qualify for the HAMP. The unpaid mortgage principal amount should be equal to or less than $729,750 for a single unit rental property. Loan must have been originated on or before 1 January, 2009. Homeowner’s total mortgage payments must exceed 31% of his gross monthly income. He will require demonstrating his financial hardship such as significant change in income or expenses because of which he is at risk of default. Making home affordable modification guidelines are subject to change. The program will cease to exist on 31 December, 2013. The U.S. Treasury requires mortgage lenders to use a net present value NPV calculation or test which is developed specifically for the HAMP. The test report will determine eligibility of your mortgage for HAMP on the basis of loan amount, current payment debt-to-income ratio, and origination date and occupancy status. It helps lenders calculate NPV of your mortgage utilizing formula developed by the U.S Treasury to determine your loan’s cash flow value with modification versus its cash flow value in foreclosure scenario. According to the general modification sequence, lenders will reduce the interest rates (as low as 2%), then if necessary loan term could be extended up to maximum 40 years. They will also reduce principal amount if required.

It will be in your best advantage to take help of online mortgage financial service firms of good reputation. These firms have enough expertise and experience to guide you well on how to select mortgage modification program that best suits your requirements and affordability. These firms employ mortgage experts who could be well-versed with eligibility criteria of making home affordable modification program. Without an expert, the process of selecting the best program that could help you to avoid possible foreclosure, applying for it and the task of knowing how to qualify for it will be rigorous and time-consuming. Visit www.loansstore.com