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Eligibility For the New Federally Funded Home Loan Modification Programs

President Obama announced the Homeowner Affordability and Stability Plan on February 18, 2009 which provides for the Home Affordable Modification Program (HMP) for banks servicing home mortgages. This program will completely change the landscape for the millions of American homeowners with problems with their home mortgage looking for help and loan modifications.

This Program provides financial incentives for participating lenders as well as up to $5000 reduction of principle to homeowners who stay current on their loans for over five years! This is a significant plan and everyone considering a loan modification should find out if they qualify.

A mortgage loan is eligible for the HMP if it is from a participating lender and all of the following criteria are met:

  • · The mortgage loan is a first lien conventional mortgage loan originated on or before January 1, 2009. Some "Jumbo" conforming loans are eligible.

  • · The mortgage loan has not been previously modified under the Program.

  • · The property securing the mortgage loan cannot not be vacant or condemned.

  • · The mortgage loan is delinquent or default is reasonably foreseeable; loans currently in foreclosure are eligible!

  • · The mortgage loan is secured by a one- to four-unit property, as long as one unit is the borrower's principal residence. One-unit condominiums and manufactured homes are eligible.

  • · The borrower must document a financial hardship with clearly documented income. There is a new form, a Home Affordable Modification Program Hardship Affidavit (Form 1021).

  • · The documentation of supporting income may not be more than 90 days old.

  • · A borrower in active litigation regarding the mortgage loan is eligible and the lender cannot require a borrower to waive legal rights as a condition.

  • · A borrower actively involved in a bankruptcy proceeding is eligible at the lenders discretion.

  • · Borrowers who have received a Chapter 7 bankruptcy are eligible, provided they fit under the "Acceptable Revisions to HMP Documents" section of the Program.

  • · The borrower agrees to set up an escrow account for taxes and insurance if one does not currently exist.

  • · The mortgage loan is not insured or guaranteed by a federal government agency like FHA.

This is a four year window. The Home Affordable Modification Program expires on December 31, 2012.

There are other programs for those who are not eligible like HomeSaver Forbearance foreclosure prevention option which helps those homeowners that can not qualify for the Home Affordable Modification Program.


Author: Steve Wrangler
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