HAMP Loan Modification to End : Date Announced
Time is running out for homeowners seeking loan modifications from the Home Affordable Modification Program.
UPDATED 11/17/16 The HAMP application process is set to expire at the end of December 2016.
Adam Deutch Esq., of the law firm Denbeaux and Denbeaux observed, “Our clients have about 6 weeks left to apply for HAMP or the opportunity is gone for good. Applications must be in by end of 2016, and then trial plans and workouts can continue throughout 2017. You need an initial application in by end of year.”
Making Home Affordable Highlights
- MHA has helped more than 1.8 million families
- HAMP set standards for how modifications should be done. Contributed to more that 10 million modifications and loss mitigation interventions
- Homeowners have saved approximately $41 billion to date in monthly mortgage payments who are part of the program.
- HAMP standards result in better performance and sustainability of the modification.
Eligibility and Cutoff Dates
Initial package must be received on or before December 30, 2016 to be eligible for consideration in 2017.
Must have permanent modification effective date on or before December 1, 2017.
HAMP Tier 1 and Tier 2 : borrower must submit an initial Package* on or before December 30, 2016 in order to be considered for Tier 1 or Tier 2.
Streamline HAMP: Servicers should continue to make offers as provided in the MHA Handbook through December 30, 2016. For offers on or after December 31, 2016, borrowers must have submitted at least one component of the the Loss Mitigation Application or requested assistance that is documents by the servicer on or before December 30, 2016 for which the servicer has not set a Non-Approval Notice.
Tier 1, 2 and Streamline HAMP : Modification Effective Date must be on or before December 1, 2017.
Initial Package: request for Mortgage Assistance (RMA) Dodd Frank Certification, 4506-T or 4506-T-EZ and evidence of income.
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