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 (and foreign National including Non-permanent resident alien) Owner.
This program, as well as all the loan modification programs, were designed to help 4 million homeowners through 2012.
If approved, the lender is required to reduce your monthly payment to 31% DTI Debt to Income ratio. This means:
1. Interest Rate Reduction
Reduction of mortgage loan interest rate, but not lower than 2 %
2. Term Extension
Extend the term of the 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:
Homeowner obtained (purchase or refinance) before January
Mortgage is on the primary residence
Mortgage loan is less than $729,500 must document your full income by producing tax returns and pay stubs
Financial hardship statement signed by the homeowner
Residence must be owner-occupied.
Get qualified now - Confidential Resolution Form