
American Home Mortgage Loan Modifications use the HAMP program.
Criteria for HAMP
Eligibility information for the Home Affordable Modification Program (other eligibility conditions apply)
- Loan originated on or before January 1,2009
- First-lien loans with an unpaid balance of up to $729,750 for single-unit properties; this balance may be higher for properties with up to 4 units
- Owner-occupied properties only (property owner occupancy status will be verified through use of credit report or other documentation, no investor owned, vacant, or condemned properties)
- Program is open until December 31, 2012. Loan can only be modified once under this program.
- Three-month trial period before loan can be modified, and the borrower must be current under the trial at the end of the 3-month period.
- Incentives available to borrowers who make payments on time (Up to $1,000 to reduce principal each year for up to five years)
Trial Period Plan/ Loan Modification Process
Submitting all required documentation to be considered for an American Home Mortgage Loan Modification is the first step. If you are eligible for the program, you will need to successfully complete a “trial period” by making all trial period payments. Once they are able to finalize your modified loan terms near the end of this trial period, they will send you an American Home Mortgage loan modification agreement ("ModificationAgreement"), which will reflect the terms of your modified loan. In addition to successfully completing the trial period, you will need to sign and promptly return to us both copies of the American Home Mortgage Loan Modification Agreement or your loan cannot be modified.
As with the reports from all banks, you must stay on top of this process. There are MANY reports on the web of people having to continuously resubmit their paperwork because the bank is unable to find it. It is quite a headache, but if you wish to keep your home and stop foreclosure, then strap on your gloves and get ready for a fight.
If you are unable to qualify for a American Home Mortgage Loan Modification, or you have no interest in staying in your home, make sure you have the option of attempting a short sale. Make sure that you choose a company with a successful track record and who knows what they are doing.For more information about the process contact us today. We assist homeowners in Broward and Miami-dade Counties, especially in Hollywood, Miramar, Plantation, Pembroke Pines, Cooper City, Hallandale and Hialeah who need Florida foreclosure help or a an experienced short sale realtor.
Taken from the American Home Mortgage website Oct 3, 2010.

