What does Hamp stand for in mortgage modification?

After the recent mortgage crisis, the federal government established a program known as the Home Affordable Modification Program (HAMP). The program was designed to lower monthly mortgage payments in order to make them more affordable.

Do you need a lawyer for a loan modification?

A mortgage loan modification may help you bring your mortgage up-to-date and avoid foreclosure. However, a mortgage modification is a complicated process which is why you need to speak to a qualified modification lawyer before reaching out to your mortgage company.

What is the definition of a home loan modification?

What Is a Home Loan Modification? A home loan modification is the process of changing the terms of a mortgage that were originally agreed upon between the lender and borrower or the mortgagee and mortgagor. Usually, the mortgagor makes payments on the mortgage until the loan and the interest are fully paid.

When was the Home Affordable modification program created?

Various lenders offer different home loan modification programs, and one that is popular is the Home Affordable Modification Program (HAMP), which was created by the federal government in 2009 to offer homeowners relief from financial distress.

Can a mortgage modification be done without a Hamp?

However, mortgage modification does come with risks of its own. Remember that your lender is not required by law to renegotiate your loan unless you qualify for a HAMP program, so you’re not guaranteed a mortgage modification. If you can’t negotiate the necessary changes to your home loan, what can you do?

Can a law firm Help you with a loan modification?

Unfortunately, you have to be very careful when engaging a company to assist you with a loan modification. In fact, as described below, an Orange County law firm has recently been accused of promising consumers mortgage modifications and then keeping the cash.

How can I get a loan modification in Orange County?

In fact, as described below, an Orange County law firm has recently been accused of promising consumers mortgage modifications and then keeping the cash. Work to negotiate the terms of your loan, lower your interest rate, or obtain a grace period if you’ve missed mortgage payments.

Do you have to pay a loan modification fee in California?

They can only collect a fee after the modification is complete. If a mortgage modification counselor asks you to pay a fee, don’t do it! If you’re asked to pay an advance fee, you should report the counselor to the California Bureau of Real Estate and the California Department of Consumer Affairs.