HAMP – MAJOR BENEFICIAL CHANGES FOR HOMEOWNERS
The Treasury Department announced that the Home Affordable Modification Program (HAMP), originally set to expire in December 2011, has been extended through December 31 2013. Under this program, at risk homeowners (delinquents and those whose default is impending) avoid foreclosure by providing affordable mortgage loans through refinancing or restructuring their mortgages.
In addition to the one year extension, major changes made to the program include extending eligibility to those previously not qualified. Now, investors can seek loan modifications for their rental properties. Also, those with homeowners who have heavy debt from medical bills or credit cards or possess second lien payments may be eligible for loan refinancing or restructuring.
Are you facing foreclosure? Would you like to confirm your eligibility for the newly expanded HAMP program? Contact our real estate attorneys of Orange County at the Manning Law Office at (949) 200-8755.
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