HAMP requires that borrowers’ mortgage payments be reduced to no more than 31 percent of their monthly income and that borrowers keep their modified loan payments current for a three-month trial period before the loan modifications are made permanent. Homeowners who have paid their loan up to date, but are having trouble making their payments, or those who have already missed one or more payments, may be eligible. HAMP was designed to help three to four million homeowners stop foreclosure, NC to California.

The median reduction in monthly mortgage payments by loan modifications under HAMP is currently $516. So far, the program has achieved its goal of reducing the payments of all participants in both the trial and permanent programs to no more than 31 percent of each borrower’s monthly income. This has no doubt proven substantially helpful to those participants, the majority of whom reported that they fell behind on their mortgage payments because of a curtailment in their income. Various reasons for this curtailment, as cited by program enrollees, include loss of a job or jobs, a reduction in income, and/or an accumulation of overwhelming debt, such that they were unable to pay or having difficulty paying their mortgages. Until more jobs become available, at least there are options available, such as loan modification programs, that make budgeting a little easier on homeowners.

In January the United States Treasury Department reported that 66,500 of 902,620 homeowners who had begun the 3-month trial period for HAMP had completed it successfully and entered into permanent loan modification status by the end of December. Although that’s only a conversion of a little more than 7 percent, it’s more than twice the 32,400 permanent modifications reported at the end of the previous month. 46,000 additional borrowers have successfully completed the trial but have yet to sign and return the documents which make their loan modifications permanent. That accounts for a fairly substantial number of homeowners who are in some phase of the Home Affordable Modification Program.

Residents of North Carolina deserve to know that there is legislation that can work in their favor. To determine if you are a candidate for the loan modifications NC homeowners have available to them, you can consult with an NC consumer law firm. You may be one of many North Carolinians who are affected by job loss, a reduction in income, or substantial debt. Contact an NC consumer law firm to help you navigate the loan modification legislation and find out if you are eligible for assistance.

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