How to Qualify for New HAMP Loan Modification with Low Interest Rates
Qualifying for HAMP wasn’t as easy as the Obama Administration had hoped it would be early on. HAMP Tier 1is its first incarnation. It was developed in 2008 and included specific eligibility criteria. Some of these requirements are having an unpaid principal of $729,750 on a single-unit property and proving that it is not condemned. The mortgage loan on the primary residence has to be delinquent, and the property cannot be a rental asset. Also, the mortgage cannot have been...
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