Homeowners who were successful in obtaining a Home Affordable Modification Program (HAMP) have just been given an early Christmas gift. Under HAMP homeowners who make their payments on time for five years are eligible to receive a $5,000 reduction in the principle balance of their loan. This recent announcement by the Treasury Department and Department of Housing and Urban Development further gives homeowners with a HAMP modification an additional $5,000 if they make their payments on time for the sixth year as well. So that is an Additional $5,000 Gift To Homeowners With A HAMP Modification Loan for simply doing what they agreed to do when they were approved for their HAMP modification loan.
HAMP homeowners are also being offered an additional option. HAMP homeowners can choose to have the $10,000 applied to "re-amortize the reduced balance to lower their monthly payments." By choosing this option homeowners whose HAMP modification is resetting into a higher rate (normally one additional percentage point) can offset the increase in their monthly payment and keep their monthly payments low.
HAMP was established in 2009, so this year was the fifth year of the program, and the first year homeowners with HAMP modifications were eligible for the original $5,000 incentive. It is estimated there are about 31,000 homeowners who have HAMP modification loans that will reset this year. Hopefully most of these homeowners have been making all of their monthly payments on time and will be able to take advantage of these incentives.
I don't know about anyone else, but I wish my Lender would send me a letter letting me know they are giving me $5,000 for simply doing what I was suppose to do to begin with, and then an additional $5,000 on top of that if I continue to do it for another year. That is the notification homeowners with a HAMP modification will be getting. Most of them might already be aware of the original $5,000 they were offered as an incentive when they were approved for their HAMP modification, but this Additional $5,000 Gift To Homeowners With A HAMP Modification Loan will be a nice Christmas surprise on top of that.
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George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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