HAMP Changes

The Obama Administration, The U.S. Department of  The Treasury, and the U.S. Department of Housing & Urban Development  recently announced important enhancements to the Home Affordable Modification Program (HAMP). The program is being expanded and made available to:

• Homeowners who do not meet the 31 percent debt-to-income (DTI) requirement for a traditional HAMP modification;
• Homeowners who currently have tenants and those who do not currently occupy their home, but intend to rent the property;
• Homeowners who didn’t successfully complete a HAMP trial period or;
• Homeowners who fell out of a permanent HAMP modification due to missed payments.

This is great News! This should help many struggling homeowners. However, it appears, the expanded HAMP changes will not be available until May 2012. Therefore, homeowners facing imminent foreclosure should seek legal counsel immediately if they are interested in a loan modification under the expanded Home Affordable Modification Program (HAMP). You may be able to take steps to stop the foreclosure long enough for you to apply for a loan modification and save your home!

If you are currently in foreclosure or in danger of falling into foreclosure, and you have any questions, please call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to speak with a Foreclosure Defense Attorney!

This, and additional information can be found at www.makinghomeaffordable.gov.