In 2009, the Obama Administration introduced the Home Affordable Modification Program (HAMP) as part of a plan to stabilize the housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.
HAMP intends to keep Americans in their homes by preventing avoidable foreclosures. NHS is doing its part to promote the implementation and success of HAMP by offering free Foreclosure Prevention workshops and individual counseling at our eight neighborhood offices as well as same-day application for a HAMP loan modification at our Fix Your Mortgage Events which are held in neighborhoods throughout Chicago.
To find out if you are eligible to apply for a HAMP modification, answer these questions:
1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage because of a financial hardship?
4. Did you get your current mortgage before January 1, 2009?
5. Is your payment on your first mortgage more than 31% of your current Gross Monthly Income? (including property taxes and homeowners insurance)
If you answered “Yes” to all of the questions above, you may qualify for HAMP.
The next step is to gather the information you will need when you attend a Fix Your Mortgage Event or meet with a counselor at a HUD-certified agency. Call (773) 329-4185 to pre-register for an event or learn about the foreclosure prevention workshops and one-on-one counseling.
Click here to get the Do-it-Yourself Kit page and start gathering the documents you need
Click here to get the Making Home Affordable Request for Modification and Affidavit (RMA)
