Modify an Existing Loan

Home Affordable Modification Program (HAMP):

Another unique facet of the American Recovery & Reinvestment Act is the additional incentive given to both banks and borrowers to “modify” or “change” the terms of the existing loan in order to make payments more affordable to avoid possible foreclosure.

The modification process requires proof of hardship and will be assessed on a case by case basis.  This process is normally handled direct between the homeowner and their lender.  There are several 3rd party specialists who act as “mediator” between homeowner and lender, which typically involves a fee to the modification specialist for their services. Given the sensitive and difficult nature of these circumstances, it is recommended that the homeowner contact their bank or consult with a reputable specialist for assistance, as soon as possible.  It is NEVER a good idea to stop making mortgage payments in order to get the bank’s attention.

There are many resources for assistance.  Please call 480-699-4075 for details.