The Making Home Affordable Program can help homeowners keep their homes even if they have filed a bankruptcy. The HAMP program helps homeowners modify their mortgage to make their payments more affordable.
Some of the requirements for HAMP are:
– Monthly mortgage payments including tax, insurance and association dues which exceeds 31% of the debtors’ gross income
– Ownership of a one- to four-unit home which is the principal residence for the debtor
– The mortgage having been received prior to January 2009
– The amount of the mortgage being equal to or less than $729,750 (on the first mortgage)
– Documented financial hardship
To apply for HAMP, a homeowner must submit an initial packet to their mortgage servicer. This packet must include a completed Request for Modification Affidavit, A completed Tax Authorization Form, and proof of income. These forms can be found at www.MakingHomeAffordable.gov.