Summary of Some of the Requirements of Home Affordable Modification or “HAMP”
A San Jose Bankruptcy Attorney describes “HAMP” – Home Affordable Modification requirements in brief...
As an experienced San Jose bankruptcy lawyer, I can tell you that basically to be eligible for HAMP, a borrower must be an owner occupant, their loan cannot exceed $750,000.00, delinquent or be at risk of default, and loans payments, including taxes and insurance, must be over 31 % of their income.
The “HAMP” seeks an end result of “RMP,” or resulting first mortgage monthly payment, that should be 31% of the borrower’s gross monthly income. The RMP then determines the interest rate and term of the modified loan. The existing interest rate will be reduced down until it equals 31% of the gross monthly income. The RMP cannot go lower than 2%. Rates are applied to 30 fixed term and may be extended to 40 year term to make the numbers work. To learn more, it is recommended that you shop for an experienced bankruptcy attorney and meet with them to discuss your options.
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