How Do You Calculate Current Mortgage Payment For HAMP, The Obama Modification Program?
The Obama mortgage modification program known as HAMP, as well as the Making Home Affordable Plan, has helped nearly 1,000,000 Homeowners at risk of foreclosure find and obtain the opportunity to lower their mortgage payment by 500 dollars or more. This program appears to at least in part help homeowners make home affordable. As one might assume there is an application process that a homeowner must complete to ensure that they meet some general and basic qualifications. One of these qualifications has to do with the mortgage payment amount that the homeowner currently pays. Though calculating the mortgage payment may seem like a simple and mundane task for a homeowner it can be a bit confusing. For instance what should be included in the mortgage payment calculation? Do you include taxes? Insurance? This is a guide that outlines the step by step process that a homeowner needs to take in order to calculate the mortgage payment on their home for the purposes of the making home affordable
