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Home > Overcoming Payment Challenges > Homeowners Affordability and Stability Plan

Homeowners Affordability and Stability Plan

We are happy to announce that systems have been put in place by HomEq Servicing to implement the national Home Affordable Modification Program (HAMP) which is part of the Homeowner Affordability and Stability Plan (HASP) announced on February 10th by President Obama. HAMP is aimed at helping at-risk homeowners - both those who are in default and those who are at imminent risk of default - by reducing monthly payments to sustainable levels.

You may qualify for HAMP - a way to make your payment more affordable - if the following criteria are met:

  • The mortgage loan originated on or before January 1, 2009.
  • The mortgage loan has not been previously modified under the program.
  • The mortgage loan is delinquent or default is reasonably foreseeable; loans currently in foreclosure are eligible.
  • The mortgage loan is secured by a one to four unit property, one of which is your principal residence.
  • The property securing the mortgage loan must not be vacant or condemned.
  • You have a monthly mortgage payment ratio of greater than 31 percent.
  • The current unpaid principal balance (UPB) of the mortgage loan prior to capitalization must be no greater than
    • 1 Unit: $729,750
    • 2 Units: $934,200
    • 3 Units: $1,129,250
    • 4 Units: $1,403,400
  • The investor who holds the mortgage loan allows loan modifications under HAMP

If you meet these criteria, it will be necessary for you to update your financial information and to provide documentation that will support financial hardship. We will then analyze the required information and contact you to advise if you qualify to have your loan modified and to provide you with an offer, if appropriate. To get started, Simply log in. Or, register now if you currently do not have an online account.

If you are offered and enter into a binding HAMP agreement and then perform as agreed, a government incentive in the form of a principal balance reduction payment may be available to you.

Please note, HASP contains a program where accounts guaranteed by Fannie Mae or Freddie Mac may be eligible for refinancing. To determine if your account is owned by Fannie Mae or Freddie Mac please log into your account to obtain that information.

IMPORTANT:

  • There is no fee for assistance through HASP. Beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they ask for money in advance.
  • If you have filed a petition for bankruptcy, the HAMP modification program is presently unavailable through HomEq.
  • Even if you do not qualify for a HAMP modification, HomEq has other workout solutions to assist you during financial difficulty. Please click here for more information on the assistance available

We offer two convenient options for you to determine if the investor that holds your loan allows loan modifications under the Home Affordable Modification Program (HAMP).

  • Online in a secured environment. Simply log in. Or, register now if you currently do not have an online account.
  • Call Customer Service at (877) 867-7378.