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2009 Treasury Guidelines Program for the
HAMP.
This is 1 of many programs that are
available - so if you have been turned
down for this program from your lender,
don't be discouraged, this doesn't mean
that you don't qualify for it and, again,
there are many loan modification programs
that have been designed to help you, the
American home Owner.
This program, as well as all the loan
modification programs were designed to help
4 million homeowners through 2012.
If approved, lender is required to reduce
your monthly payment to 31% DTI Debt To
Income ratio. This means:
1. Reduction of mortgage loan interest rate,
but not lower than 2 %
2. Term extension of mortgage loan, not to
exceed 40 years
-remember, because it will still be Simple
Interest, you can still make any kind of
amortized payments -15 year, 30 year, even 5
or 10 year payments.
3. Principle reduction
Below are some of the guidelines to the HAMP
program: |
