The End of HAMP: What NJ Homeowners Need to Know
As of December 30th, 2016, the deadline to apply for a loan modification under the Home Affordable Modification Program (HAMP) has ended. However, if you sent in an application before that date, you may still be eligible to be reviewed for a modification. In many cases, HAMP modifications are significantly more favorable than the modifications borrowers are likely to receive post-HAMP, and servicers may try to block eligible borrowers from receiving them. Don’t let this happen to you.
Am I Still Eligible to be Reviewed for HAMP?
To determine if you are still eligible to be reviewed for HAMP, answer the following questions:
- Did you submit an RMA (an application making a Request for Mortgage Assistance), Frank Dodd Certification, Hardship statement, Proof of Income, Tax Returns or 4506T before December 30th, 2016?
- Did your servicer request additional documents within 5 business days of receiving your initial application?
- Did you provide those documents?
If you provided the requested additional documents, or no additional documents were requested, your application can be considered ‘facially complete,’ or possibly a complete initial application.
If you submitted a complete initial application (defined as a Request for Mortgage Assistance or RMA, Frank Dodd Certification, Hardship Statement, proof of income, tax returns, or 4506T) before December 30th, 2016, you should be eligible to be reviewed for HAMP.
If you submitted a single part of an initial application before December 30th, 2016 and your servicer is participating in a Non-GSE (Government-sponsored Enterprise) HAMP streamline modification, you should be eligible to be reviewed for HAMP.
I Should Be Eligible for Review, But My Lender is Denying Me. What Should I Do?
If you meet these criteria and your lender is denying you, for example claiming you have incomplete documents but not giving you an opportunity to provide them, they may be in violation of federal law. These unjust denials can have very serious consequences. You could get a less favorable loan modification or not get a loan modification at all, which could lead to you losing your home.
Don’t let your lender block your last chance to get a HAMP modification. Contact us today to discuss your options.
I Am Not Eligible For HAMP. What Should I Do?
The end of HAMP may be here, but that does not mean you are out of choices for loan modification. Now that HAMP is no longer an option, it is extremely important to take stock of your situation and determine what modifications are available to you. At the law firm of Ira J. Metrick, we have the resources to access your loan information and help you determine which loan modification programs are available to you. Contact us today to get started.