What is HAFA and HAMP?
In February 2009, the Obama Administration introduced the Making Home Affordable Program–to help distressed and struggling homeowners stay in their homes and avoid foreclosure. One of the programs is called HAMP – the Home Affordable Modification Program. If you want to stay in your home, then you should apply for HAMP. Although many people have been helped through the HAMP program, there were many families that still could not keep up with the payments even with a loan modification. That is why HAFA is available.
HAMP: March 4, 2009-The U.S. Department of Treasury released the Making Home Affordable Program for loan modifications and special refinancing terms by the nations leading banks. The Home Affordable Modification Program (HAMP) will offer assistance to millions of homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy. The HAMP Program will help at risk homeowners avoid foreclosure by reducing monthly mortgage payments. The HAMP Program can reduce your interest rate as low as 2% Fixed and extend your loan to 40 years if necessary. You will also qualify for principal reduction each year while you are in the Program.
To see if you can qualify for a HAMP loan modification, please send fill out the information on THIS FORM, and we will get back to you.
