Also, there are other requirements in order to qualify for a loan modification under HAMP (Housing Affordable Modification Program).
1) The first mortgage must have originated before Jan. 1, 2009
2) The property must be the borrower's principle residence
3) The borrowerâ€™s total monthly mortgage payment exceeds 31% of their gross income
4) The mortgage is delinquent or default is reasonably foreseeable
5) The unpaid principal balance is no more than $729,750 (this will differ for 2-4 unit dwelling)
Along with all these requirements, the mortgage needs to be serviced by a lender who is participating in the HAMP program. Then the next step would be to gather your financial information (your current income and expenses) along with your mortgage statement, so you can then be ready to contact a lender to move forward with your loan modification.
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The best way to handle this is through litigation and federal court.
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