The federal Home Affordable Modification Program (“HAMP”) is aimed at offering struggling homeowners a loan modification that will provide them a mortgage payment of 31% of their monthly income. While HAMP is intended to help homeowners, the reality is that the program has extensive requirements and complicated guidelines. I encourage anyone applying to create a paper trail when applying for a loan modification and consult a foreclosure defense attorney if you are not having success with your application.
I recently came across an excellent power point presentation on HAMP. It is intended for loan servicers and provides an excellent overview of the loan modification process under HAMP. It is a little outdated (March 2013), but it does provide a great overview of the process, with examples.
If you need to apply for a loan modification and are having trouble with the paperwork, contact me for a consultation. While you can apply for a modification without an attorney, many find the process easier with the help of a professional.