Home Affordable Modification Program (HAMP)
The Secretary of the Treasury established the Home Affordable Modification Program (“HAMP”), a program designed to curb the foreclosure crisis by establishing guidelines under which qualified borrowers must be offered loan modifications, and requiring lenders, note holders, mortgagees, and servicers to do the following:
- Promptly make a determination of whether a borrower is qualified for a modification and offering a permanent HAMP modification as soon as possible, but in no event later than sixty days;
- Institute a modified loan with a reduced payment as per a mandated formula that is effective for a three-month trial period for borrowers eligible for a modification;
- Provide a permanently modified loan to those homeowners who comply with the requirements during the trial period; and
- Offer borrowers other alternatives to foreclosure, including short sales.
ANAND LAW has the experience and knowledge to ensure that your rights are not trampled on and you receive everything you are entitled to.
Call (323) 325-3389 or contact us here for a free consultation.
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