Who is eligible?
HAMP will apply to all mortgages originated before January 1, 2009. No loans originated after that date will be eligible. New borrowers will be accepted until December 31, 2012. Program payments will be made for up to five years after the date of entry into the HAMP.
There's Only One R.E.S.T. Report
The R.E.S.T. Report is the only source for finding out for sure whether you qualify for a HAMP loan modification or not… before you apply. Using your information, the system generates a report you can rely on to tell you if you pass HAMP’s NPV test, as required by the U.S. Treasury.
The REST platform is a version of the same software used by major banks and servicers to determine HAMP eligibility, so its accurate and up-to-date at all times. Homeowners use the report by sending it to their bank, along with supporting documentation required when applying for a loan modification per the HAMP guidelines. The report is valid for 90 days from the date its generated, which should be enough time to receive approval from your lender or servicer.
What is a Hardship?
Lenders and servicers require a verifiable hardship before you will be eligible for a loan modification. Acceptable hardships include: job loss, reduction in pay, medical issues, death of family member, divorce, or interest rate reset. The important point is that you must be able to demonstrate to the lender how your hardship has impacted your ability to make your loan payments.
Signed Tax Returns
Lenders also require signed tax returns for the last two years, both personal and business, if applicable. Make sure the copies of returns you submit are signed and include all schedules. You will also have to sign a 4506-T form so that your lender may request copies of your tax returns from the IRS. You can find the form here: FORM 4506-T
