Phoenix, AZ -- (SBWIRE) -- 04/29/2014 -- It’s a fact of life in America: Despite the best financial efforts of people, foreclosure procedures are still happening. It was difficult for many of these folks to access it when the Obama HAMP plan went into effect in 2008, but it’s gotten easier since changes were made to it. Credit-yogi.com wants to explain how and when to utilize HAMP by sharing its knowledge of it, including:
-Qualifying for HAMP
-When to Apply for HAMP
-How HAMP Works
-Results of this Program
HAMP Eligibility
The first step in making the Obama affordable home modification program work for those facing foreclosure is to ascertain their qualifications for it. Doing this prior to visiting affiliated lenders saves time. Some of the requisites are having a provable financial hardship that prevents a person from making his mortgage payments, ensuring that the property is not condemned, and being able to provide payment stubs from one’s employer for at least one month. One can find more information about HAMP by going to the government’s website.
When to Apply
Financial reversals of fortune can wreak havoc on a homeowner’s nerves, especially if they end up trying to prevent foreclosure without really knowing how to do so. The time to begin gathering eligibility qualifications for the Obama HAMP program is as soon as a problem managing mortgage payments crops up. HAMP can help, but only if one applies for it soon enough to prevent the foreclosure. Don’t wait until three or four payments have been missed; find out eligibility for the program as soon as one misses his first payment. Credit-yogi.com wants its consumers to save their homes, so take this advice to ensure a good chance at doing so.
HAMP’s Process
Once a borrower knows he is qualified for the HAMP program, it might be wise for him to understand just how it works. A homeowner brings all of his financial documents to a program-affiliated lender who looks it over to ascertain that all of them are there. The lender than offers to utilize HAMP to modify, or make changes to, one’s mortgage. These may include giving the borrower more time to repay the loan or reducing the principal of it, both of which lower a monthly payment, making it more affordable.
HAMP Saves Homes
The result of the HAMP mortgage repayment program is avoiding foreclosure. It works with lenders and homeowners to come to an acceptable agreement on how to lower the monthly mortgage payment. Once that amount is reduced, it becomes much easier to afford. This results in the homeowner’s stress level decreasing and being replaced by hope and happiness. The best outcome of utilizing this plan is being able to retain residence in one’s home.
About Credit-yogi.com
When Credit-yogi.com was established in 1999, it had one aim – to give consumers the fastest, most accurate responses to their fiscal questions. Since then, it has successfully achieved this goal, every day. For a no-cost preliminary consultation, dial 866-964-9644, any time.