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Frequently Asked Questions

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  1. 01. Completing the HAMP Eligibility Test
  2. 01. What documentation will I need to complete the free HAMP Eligibility Test?
    1. In order to complete your free analysis with freeHAMPreport.com it will be helpful to have a free credit report (one can be retrieved at no cost from annualcreditreport.com), a copy of your mortgage statement and income documents (such as tax return, paystub or profit and loss statement if a business owner).
  3. 02. What are some of the criteria that freeHAMPreport.com evaluates my situation according to?
    1. All Home Affordable Modification Program (HAMP) analysis is automated into the software so if your particular situation does have any HAMP infractions the software will notify you automatically.
  4. 03. If I don't qualify according to HAMP, can freeHAMPreport.com still help?
    1. Yes. Even if you are not eligible for Home Affordable Modification Program (HAMP), freeHAMPreport.com can still print out a lender ready package for your particular lender although the chances may be a little more difficult. freeHAMPreport.com is working with lenders every day to increase our automated results to ensure that your package gives you the best chances possible, regardless of your situation.
  5. 04. How is HAMP Eligibility Test different than other free hotlines or services?
    1. Government resources are a terrific source of information for anyone applying for HAMP although at times they can oversimplify the process. freeHAMPreport.com's goal is to not only take into consideration the major aspects of HAMP but also the small ones as well. It provides an in depth analysis based off of Federal Home Affordable Modification Program (HAMP) guidelines, FDIC requirement, IRS expense standards, lender requirements, insider knowledge, and also some trade secrets as well! freeHAMPreport.com prides itself on being America's must stop before applying for a loan modification.
  6. 05. If I don't qualify according to HAMP, can freeHAMPreport.com still help?
    1. Yes. Even if you are not eligible for Home Affordable Modification Program (HAMP), freeHAMPreport.com can still print out a lender ready package for your particular lender although the chances may be a little more difficult. freeHAMPreport.com is working with lenders every day to increase our automated results to ensure that your package gives you the best chances possible, regardless of your situation.
  1. 02. General HAMP
  2. 01. What is a HAMP Loan Modification?
    1. A loan modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (mortgagor and mortgagee). This process usually can save the home from foreclosure. A HAMP mortgage modification is a loan modification that falls under the Home Affordable Modification Program (HAMP). Most lenders have both HAMP mortgage modification programs as well as in house lender modification programs.
  3. 02. What is the difference between a HAMP Loan Modification and Refinancing?
    1. A loan modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (mortgagor and mortgagee). This process usually can save the home from foreclosure. A HAMP mortgage modification is a loan modification that falls under the Home Affordable Modification Program (HAMP). Most lenders have both HAMP mortgage modification programs as well as in house lender modification programs.
  4. 03. Can I reduce my principal balance with a HAMP loan mortgage modification?
    1. A loan modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (mortgagor and mortgagee). This process usually can save the home from foreclosure. A HAMP mortgage modification is a loan modification that falls under the Home Affordable Modification Program (HAMP). Most lenders have both HAMP mortgage modification programs as well as in house lender modification programs.
  5. 04. Why would a bank even consider modifying my loan?
    1. A loan modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (mortgagor and mortgagee). This process usually can save the home from foreclosure. A HAMP mortgage modification is a loan modification that falls under the Home Affordable Modification Program (HAMP). Most lenders have both HAMP mortgage modification programs as well as in house lender modification programs.
  6. 05. What happens if I modify and then miss payments?
    1. A loan modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (mortgagor and mortgagee). This process usually can save the home from foreclosure. A HAMP mortgage modification is a loan modification that falls under the Home Affordable Modification Program (HAMP). Most lenders have both HAMP mortgage modification programs as well as in house lender modification programs.
  7. 06. What is needed from me to get the process started?
    1. A loan modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (mortgagor and mortgagee). This process usually can save the home from foreclosure. A HAMP mortgage modification is a loan modification that falls under the Home Affordable Modification Program (HAMP). Most lenders have both HAMP mortgage modification programs as well as in house lender modification programs.
  8. 07. Do all lenders have the same HAMP loan modification rules?
    1. A loan modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (mortgagor and mortgagee). This process usually can save the home from foreclosure. A HAMP mortgage modification is a loan modification that falls under the Home Affordable Modification Program (HAMP). Most lenders have both HAMP mortgage modification programs as well as in house lender modification programs.
  1. 03. HAMP Qualification
  2. 01. What kind of loans can be modified according to the Home Affordable Modification Program (HAMP)?
    1. HAMP loan mortgage modifications are available for most types of loans including Arm, 80/20 HELOC, FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, conventional. Over 110 lenders are signed on to abide by HAMP guidelines.
  3. 02. According to the Home Affordable Modification Program (HAMP) can a mortgagee include late charges in the Loan Modification?
    1. According to Mortgagee Letter 2008-21 along with the Home Affordable Modification Program (HAMP) states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.
  4. 03. How can I prove to my bank that I will be able to make the new house payment and qualify for a HAMP loan mortgage modification program?
    1. The lender wants to see an accounting of all of your monthly expenses and your monthly income. freeHAMPreport.com automatically will calculate the appropriate ratios and financial analysis in order to ensure that you have the best chances possible for getting approved. This is just one of the many reasons why freeHAMPreport.com is an essential tool before application!
  5. 04. How do I begin to discover who holds my mortgage and if they are signed on for HAMP?
    1. To determine who your Investor is you can go to www.fanniemae.com/lookup and www.freddiemac.com/mymortgage and enter in your address. These links will authenticate whether or not your loan is owned by Fannie Mae or Freddie Mac. If you determine that they are not with these government agencies you can simply contact your Servicer and ask them who the Investor is on your loan. All Fannie and Freddie loans should be covered by HAMP and freeHAMPreport.com also automatically factors in which lenders have signed on into the free analysis. Participation is mandatory for servicers of loans owned of guaranteed by Fannie Mae or Freddie Mac (Government Sponsored Enterprises or GSEs). Participation in the Home Affordability Modification program (HAMP) is voluntary for services of non-GSE loans. However, substantial incentives are available to servicers, investors and borrowers who complete modifications under HAMP, and most major servicers already have committed to the Program. A current list of participating servicers is available at www.makinghomeaffordable.gov. Servicers of non-GSE loans sign a contract with Fannie Mae, as Treasury's financial agent, through which they agree to review every potentially eligible borrower who asks to be considered for the Making Home Affordable Program. To ensure that a borrower currently at risk of foreclosure has the opportunity to apply for a modification under HAMP, participating servicers may not proceed with a foreclosure sale until the borrower has been evaluated for a HAMP modification, if eligible, a trial modification offers has been made.
  6. 05. Will my lender need other documents such as credit scores to assess my application according to HAMP?
    1. Most lenders retrieve your credit score in order to determine your monthly credit card, mortgages, student loans and installment loans payments, but the HAMP program is not credit score driven. It is although important to go to annualcreditreport.com to retrieve a free credit report before completing the freeHAMPreport.com application. The more accurate your financials are the better your chances will be.
  7. 06. Can you guarantee that I will be approved for a Note Modification after completing your preliminary work?
    1. No, each Mortgage Lender and Investor has their own specific guidelines that need to be met before they approve a loan modification.
  8. 07. Who is my loan servicer? Is that the same as my lender or investor?
    1. Your loan servicer is the financial institution that collects your monthly mortgage payment and has the responsibility for the management and accounting of your loan. Your servicer may be the lender as well, which means they own your loan, but often times your loan is owned by a group of investors, such as pension funds or individuals who buy mutual funds. These loans are managed by banks and other firms that specialize in investing. Your loan servicer is whom you should contact if you have any questions or concerns involving your loan.
  9. 08. If I have a mortgage on a duplex can I still be eligible for HAMP?
    1. Yes. Mortgages on two, three and four unit properties are eligible for HAMP as long as you live in one unit as your primary residence.
  10. 09. How do I qualify for a HAMP loan modification?
    1. To qualify for a Home Affordable Modification Program (HAMP) loan modification, the homeowner must have a source of steady income. In addition, the homeowner must be facing a current hardship. Other additional eligibility requirements may include: - Borrower is currently delinquent on mortgage (some programs will modify mortgages that are current) - Mortgages that are currently in foreclosure or pending sale - Borrower has suffered a decrease in income or increase in expenses - Short or long term financial difficulties - Medical expenses, death in the family or other emergencies - Little or no equity in the home preventing borrower from refinancing - Currently in an Option ARM or adjustable rate loan ready to reset. - Currently in a high fixed rate loan.
  11. 10. Can a mortgagee qualify for the HAMP Loan Mortgage Modification option when the mortgagor is unemployed, the spouse is employed, but the spouse name is not on the mortgage?
    1. Based on the Home Affordable Modification Program (HAMP) it is possible for the borrower to use income from a household member although they may not be on the loan. freeHAMPreport.com will automatically suggest that a borrower can find additional income if they fail to have enough disposable income to cover their mortgage and monthly expenses.
  12. 11. Do I need to be delinquent or behind on my mortgage to qualify for HAMP?
    1. No, you do not need to be behind on your mortgage to qualify for loan modification under the Home Affordable Modification Program. In fact under the HAMP lender compensation program your lender may receive additional funds to modify someone that is not yet behind on their mortgage. freeHAMPreport.com is not just for homeowners behind on their mortgage, but for any borrower that is struggling due to a hardship, whether they are late or not. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default, for example, because their mortgage payment has recently increased to a level that is not affordable. If you have had or anticipate a significant increase in your mortgage payment or you have had a significant reduction in income or have experienced some other hardship that makes you unable to pay your mortgage, contact your servicer. You will be required to document your income and expenses and provide evidence of the hardship or change in your circumstances.
  13. 12. If I do not live in the house that secures the mortgage, can I qualify for the Home Affordable Modification Program (HAMP)?
    1. No. Only the mortgage on your primary residence is eligible. But, your lender may have non HAMP programs available to offer assistance. Your lender does not want to take your home! freeHAMPreport.com also can provide a non HAMP report for non primary residences.
  1. 04. HAMP Approval / Denial
  2. 01. Will the lender pay back taxes and HOA dues with a HAMP loan mortgage modification?
    1. Most of the time lenders bring property taxes current in a loan modification. HOA dues are another issue and should be part of the negotiations but are not always brought current by the lender depending on who pays the condo fees.
  3. 02. Is the interest I pay in a trial HAMP loan mortgage modification still a tax deduction?
    1. Most of the time lenders bring property taxes current in a loan modification. HOA dues are another issue and should be part of the negotiations but are not always brought current by the lender depending on who pays the condo fees.
  4. 03. What happens to the past due balance when I get approved for HAMP loan modification?
    1. According to the Home Affordable Modification Program (HAMP), the past due balance should be added to the arrears of your balance but late fees and penalties should be waived. Some lenders may require a percentage of the amount in arrears to be paid in order to start negotiations for loan mortgage modification. This is more common for borrowers that are more than 1 year past due.
  5. 04. How does a HAMP loan mortgage modification affect my credit?
    1. A Home Affordable Modification Program loan mortgage modification does affect credit but only if the borrower has been late. If approved for a HAMP trial period the loan is brought current and is shown as such on the credit report. The new loan amount and payment will be reflected on all 3 bureaus and the loan will show paid as agreed.
  6. 05. What happens if my request for a HAMP loan modification is denied?
    1. If a request for a Home Affordable Modification Program (HAMP) loan mortgage modification is denied the first thing to do is to find out why. Was there incomplete information? Was the negotiator overwhelmed or was there miscommunication? Communication and getting the right information is crucial. If there was missing information call and try to resubmit. If you are denied again for HAMP, you should ask if they have any in house lender programs. Lastly, if you are still denied you may want to consider a deed in lieu of foreclosure or list the property and short sell if the mortgage balance is higher than the home's value.
  7. 06. What happens after the HAMP loan mortgage modification term is up?
    1. According to the Home Affordable Modification Program (HAMP), after the three month trial period is up the lender should place the borrower into a permanent modification program. Occasionally due to lenders being backed up it may take longer for 3 months for the permanent modification to be put in place; if this occurs please contact your lender asap and continue to make your trial period amount. According to HAMP, your payment should not waiver too much or if any amount at all.
  8. 07. Under a HAMP loan modification workout program what happens after five years?
    1. According to the Home Affordable Modification Program (HAMP) if the modified interest rate is below the market rate, the modified rate will be fixed for a minimum of five years as specified in your modification agreement. Beginning in year six, the rate may increase no more than one percentage point per year until it reaches the rate cap indicated in your modification agreement. Your rate can never be higher than the market rate as indicated in your modification agreement. If the modified rate is at or above the market rate at the time of the modification agreement is prepared, however, the modified rate is fixed for the life of the loan.
  9. 08. According to HAMP, what is the lowest rate that I may obtain?
    1. As per the Home Affordable Modification Program (HAMP) the Treasury is providing incentives to your investor to write the interest down as low as 2%, if necessary to get to a payment that you can afford based on your income. Each borrower's interest rate will only be reduced to a point sufficient to get the modified payment to equal 31% of the borrower's gross monthly income. Not all borrowers will need a rate reduction to 2% in order to achieve a monthly mortgage payment that is affordable. Not too worry if this seems confusing, freeHAMPreport.com automatically calculates all of your ratios and calculations for you and incorporates it into a lender ready report.
  10. 09. Could I end up with a balloon payment under HAMP?
    1. Yes. If your servicer determines that a principal forbearance is required to get your monthly mortgage payment to an affordable level, the principal forbearance amount, say, for example this was $20,000, would be subtracted from the amount used to calculate your monthly mortgage payment, but you would still owe the money. You would have a $20,000 balloon payment that accrues no interest and was not due until you paid off your loan, refinanced or sold your house.
  1. 05. HAMP Process
  2. 01. What happens during a HAMP Loan Mortgage Modification?
    1. During the review of a Home Affordable Modification Program (HAMP) loan mortgage modification, the lender determines a payment based on a percentage of your gross monthly income. If this payment is affordable to you based on your financial situation and cost effective to the lender/investor, your loan may be modified to that payment amount for a trial period to make sure that you make the HAMP payments. Borrowers may also receive up to $1000 a year in incentives according to the Home Affordable Modification Program (HAMP) guidelines.
  3. 02. How long is the HAMP Loan Mortgage Modification process?
    1. Depending on the organization of your paperwork the process can take from weeks to months. According to the Home Affordable Modification Program (HAMP), once a lender receives a Request for Modification and Affidavit they should respond to you that they received the document and then give you a decision within 30 days. Unfortunately, there have been extreme delays with bank processing times which is why it is essential to send in your HAMP paperwork right the first time. freeHAMPreport.com guarantees that it has the proper HAMP paperwork for your lender or your money back.
  4. 03. How long does it take to complete a HAMP loan mortgage modification?
    1. While there is no way to determine how long it will take to complete your HAMP loan mortgage modification with your lender, freeHAMPreport.com will increase your chances of success. It is extremely important to follow up with banks as often as possible and also to submit the proper HAMP paperwork the first time. Any missing paperwork will set the process back weeks if not months. freeHAMPreport.com has a money back guarantee that the bank will accept our HAMP and lender specific forms. The whole process for an approved Home Affordable Modification Program (HAMP) loan modification should be completed within 30-120 days. Please keep in mind that according to HAMP guidelines even if you are approved, you will have to undergo 3 months of trial payments before a permanent HAMP loan modification payment plan will be finalized. You must make your trial HAMP payments on time in order to qualify for a permanent HAMP payment program.
  1. 06. HAMP Hardship Eligibility
  2. 01. What are examples of some "hardships" that may be eligible for qualification?
    1. Here is an example list of hardships that lenders signed on for HAMP consider during the loan modification workout process: - Adjustable Rate Mortgage Reset - Payment Stock - Illness - Loss of Job - Reduced Income - Failed Business - Job Relocation - Death of Spouse or Co-Borrower - Death - Incarceration - Divorce - Marital Separation - Military Duty - Reduced Income - Medical Bills - Damage to Property (natural disaster or unnatural) - Other hardships will be considered as well
  3. 02. What qualifies as eligible for hardship according to HAMP?
    1. Have you experienced and unavoidable increase in expenses? How about loss of income? You will need to demonstrate that a hardship makes it difficult for you to meet your current monthly mortgage payments. A hardship can be defined as a recent increase in your interest rate, divorce or separation, death of a spouse, loss or reduction of income, illness, military service, and job relocation.
  1. 07. freeHAMPreport.com Membership
  2. 01. What if I lose my membership password?
    1. We have a secure forgot password tool that will ensure that you will be able to regain access but also not give anyone other than yourself access.
  3. 02. Is there a cost for Membership?
    1. There is absolutely no fee to sign up with freeHAMPreport.com as long as you opt in for a free consultation from one of our sponsors or advertisers. If you would prefer to opt out and not receive any info for free from one of our third party vendors, then you may opt out and pay $295 for a complete lender ready package and unlimited access for 1 year. There is NEVER a credit card or personal banking info required unless you opt out.
  4. 03. Do I receive any additional tools or eBooks with a Full or Expert Edition?
    1. Of course! freeHAMPreport.com's goal is to make your HAMP loan modification process as easy as possible but also as successful as possible. With every membership we include loads of free tools: To Do list, Easy Contact Info, Event Log, and File Manager! These tools are essential to your success.
  5. 04. How long does FREE membership last?
    1. Memberships includes 1 year of unlimited access to revise your information and pull unlimited reports. You also will have access to all resources, including our To Do list, Easy Contact Info, Event Log, and File Manager!
  6. 05. Are there any additional fees associated with membership?
    1. Absolutely not!
  7. 06. Can I cancel my membership?
    1. There is no need to cancel your membership as after you create your custom report all tools and resources are absolutely FREE!
  1. 08. Foreclosure
  2. 01. What is foreclosure?
    1. Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.
  3. 02. What does a Notice Of Default (NOD) mean?
    1. A Notice of Default (N.O.D.) means that the bank has contacted an attorney and the foreclosure process has begun. They have set a date at which your home will be sold off at a public auction to the highest bidder.
  4. 03. Can freeHAMPreport.com help if I am in foreclosure or received a N.O.D.?
    1. According to the Home Affordable Modification Program (HAMP) a servicer or lender must halt or postpone foreclosure measures until a HAMP evaluation is considered. freeHAMPreport.com ensures that your ability to submit a completed package to the lender is quick and easy but also increases your chances for success as much as possible; when foreclosure is pending every day counts.
   
 
 

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