HAMP is ending this year!
Struggling Homeowners still have time to apply!
Dec. 30, 2016 marks the end of the (Home Affordable Modification Program) HAMP®, a seven-year government program designed to help struggling homeowners.
HAMP® (Home Affordable Modification Program) Features and Benefits:
- HAMP achieves a more affordable payment by adjusting your interest rate, extending your term, and reducing or forbearing your principal.
- Families who qualify for the HAMP program typically reduce their monthly payments by a median of $500 each month.
- Through HAMP, you can get help with your primary residence or rental property.
- If you owe significantly more than your home is worth (>115 Loan-To-Value), you’re automatically evaluated for principal reduction.
- Just for making timely payments, you could earn up to $10,000, which would be used to reduce your principal balance.
How would HAMP® change my loan?
In order to bring the mortgage current and make the mortgage payment affordable for the homeowners who are applying for a HAMP modification the terms of the mortgage will have to change. Here are the changes that may be made in order to make the home affordable.
- Reduction on interest rate as low as 2%
- Extension of the loan term of up to 40 years
- Rolling of delinquent payments and fees into the loan to bring the mortgage current
- Incentives for loans that are kept in good standing with on-time payments, up to $1,000 each year during the first five years of the modification and a one-time payment of $5,000 in year six—and over six years the total principal reduction could add up to $10,000.
Life of Victory International Christian Ministries is a HUD Approved Housing Counseling Agency that helps Middle Tennessee homeowners navigate the confusing, stressful, and sometimes treacherous waters of foreclosure prevention. Life of Victory has helped hundreds of struggling homeowners successfully apply for the HAMP & HARP Making Home Affordable ® housing programs, and been a trusted community resource bringing hope to the doorsteps of thousands of Tennesseans.
THDA & HOME FREE USA
Life of Victory Ministries serves Middle Tennessee
Located in industrial park just off Waldron Road
144 Bain Drive, Suite 200, La Vergne, TN 37086.