Loan Modification and HAMP

Orlando Loan Modification Attorney  | Orlando Loan Modification Law Firm | A Mortgage Modification

Orlando Loan Modification Overview:


• What is a loan modification?

• What is HAMP?


 Orlando Loan Modification Details:

What is a loan modification?

A loan modification, also known as a mortgage modification, is a course of action that provides the ability to drastically reduce their monthly payments, postpone foreclosure proceedings, and preserve your FICO credit score as well as save your home from foreclosure. With the economy and the Orlando real estate market in upheaval, those who didn't think they'd have a problem making their loan payments have been having a hard time making ends meet. Every day foreclosures are at a record high and none of the banks that loan on homes want anything other than for you to stay in your Orlando, Florida home and paying your mortgage. Loan Modification must be negotiated with your lender before any agreement can be reached. For this reason, it is important to work with an Orlando loan modification foreclosure attorney that can help you understand the terms of a loan modification and advise you on how to proceed.

What is HAMP?

HAMP stands for Home Affordable Modification Program. This home loan modification program has been initiated by President Barack Obama and has facilitated the debtors with a chance to get rid of debt. It is designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use.

The program is effective for mortgages originated on or before January 1, 2009, and will expire December 31, 2012. First-lien mortgages owned, securitized, or guaranteed by Freddie Mac are eligible with current unpaid principal balances up to:
1 Unit - $729,750
2 Units - $934,200
3 Units - $1,129,250
4 Units - $1,403,400

Borrowers may be current or less than 60 days delinquent and determined to be in imminent default, or 60 days or more delinquent.

There must be affirmation of financial hardship.

Borrowers who may be in foreclosure, in pending litigation involving the mortgage, or who are in active bankruptcy are eligible for this program. Mortgages can be previously modified, but borrowers may not have previously entered into a Trial Period Plan under the Home Affordable Modification program (HAMP). Borrowers must currently have a monthly housing expense-to-income ratio greater than 31 percent.

Call 407-647-8833 or contact us at our Orlando office to make an appointment for a free consultation. 


BAKER LAW, PL serves the Central Florida and seven-county Orlando area, including the cities of Sanford, Lakeland, Lady Lake, Kissimmee, Maitland, Lake Mary, Oviedo, Winter Garden, Winter Park, Windermere, Lake Nona, Apopka, Mount Dora, Winter Springs, Longwood, North Orlando, South Orlando, East Orlando and West Orlando, Melbourne, Titusville, Cape Canaveral, Daytona Beach and New Smyrna Beach, and the counties of Orange, Seminole, Lake, Polk, Brevard, Volusia and Osceola.