With the economic downturn blamed in part on individuals receiving mortgages they would never be able to repay, it is no surprise that many people still struggle keeping up monthly payments on mortgages, which regularly exceed more than half the person’s monthly income. In order to combat the problems this fiscal recklessness has caused, the HAMP scheme has been provisioned to help those in need create affordable repayment schemes, and — HAMP4Homeowners.org explains in clear terms how the initiative can help homeowners struggling with debt.
For those with mortgages and loans that are out of control, a HAMP modification may be possible. This ensures that the repayment terms on loans of up to $729,750 can be renegotiated in line with government guidelines to ensure that repayments are calibrated to take no more than 31% of a borrower’s monthly income.
In order to qualify for the scheme individuals must be at risk of foreclosure and currently considered delinquent, or have a history of defaulting on loan payments. The scheme can then extend the period of mortgage repayments to lower monthly outgoings, or make a principal reduction or forbearance. HAMP 4 Homeowners explains all this and more in detail, so homeowners struggling with debt can begin to apply for assistance.
A spokesperson for HAMP 4 Homeowners explained, “For those who are behind on payments and at risk of foreclosure, the HAMP scheme can be an essential lifeline offering people in need a means to escape the debt trap. The scheme is deliberately designed according to each individual’s specific capability to repay loans, including setting the rate of repayment at less than a third of the individual’s income so they are still able to provide for their families while retaining the roof over their head. This intervention needs to be more widely understood and we are here to ensure that happens.”
About HAMP 4 Homeowners : HAMP 4 Homeowners provides information about loan modification, mortgages and loans and does not offer modification services, loans or mortgages directly or indirectly through any representatives or agents. This is a private website that is not affiliated with the U.S. Government or the U.S Department of Housing and Urban Development. U.S. Government agencies have not reviewed this information. This site is not connected with any government agency.
Name: Brett Bruce
Email: Send Email
Organization: HAMP 4 Homeowners
Phone: (888) 979-7339
Release ID: 13397