Who is eligible for a loan modification under the Home Affordable Modification Program?
To apply for a Home Affordable Modification, you must: • Be an owner-occupant in a one to four unit property; • Have an unpaid principal balance that is equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties – consult your servicer); • Have a loan that was originated on or before January 1, 2009; • Have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income; and • Have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses. If you answered YES to all of these questions, you may be eligible to apply for a Home Affordable Modification. Your servicer will be able to tell you if you qualify. Contact an attorney for more information about your eligibility for various programs.
