On March 26, 2010, the Federal Government announced new enhancements to the Making Home Affordable Program that offers aid to unemployed homeowners.  Under the regular HAMP programs unemployed homeowners were typically out of luck in obtaining a loan modification. The new programs offers qualified unemployed homeowners with the opportunity with a temporary modification while they look for new employment which could be 3 to 6 months depending on the homeowners qualifications.  According to the HAMP website the eligibity criteria are the following:
  • Homeowner's mortgage meets HAMP eligibity requirements, including 1) House is owner-occupied 2) loan balances below $729,750.00 and 3) loan was originated before January 1, 2009.
  • Borrower submits evidence that they are receiving unemployment insurance (UI) benefits.
  • Borrower requests temporary assistance in the first 90 days of delinquency.
For further details on this new program and other programs offered by HAMP, please contact our office.