The Home Affordable Modification Program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments.If your home is deep underwater (you owe much more than your home’s current value), or you're in danger of foreclosure and you have fallen on hard times, this is the program for you.  

Basic requirements:

• The owner must live in the home.
• The unpaid balance on the first mortgage must be equal to or less than  $729,750 for single-family units. Limits are higher for two- to four-family homes.
• The loan must be originated on or before January 1, 2009.
• The borrowers' housing costs must exceed 31% of their income.
• Borrowers who are current, but having difficulty making their payments.
• Borrowers who have already missed one or more payments may be eligible
• Borrowers must have suffered a "significant" change in income or expenses, such as losing a job, divorce, reduction in income (since you got your current loan), suffered a hardship that has increased your expenses (like medical bills),  falling ill or seeing their mortgage payments and interest rate skyrocket. The goal is to get housing costs down to 31% of income. If someone qualifies, the program will pay down up to $5,000 in principal over five years to encourage the borrower to meet their payments.  

Other conditions:

• If a borrower's entire debt exceeds 55% of income, they must get housing counseling.
• Borrowers may have to pay various fees.
• Plans for second mortgages are not yet resolved (as of 3/4/2009)

What you will need for your lender:

• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about your assets
• Information about any second mortgage on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.
• A letter describing the circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.).

If you need further assistance, please complete the following form and we will get back to you as soon as possible.