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Home Affordable Modification

Federal government home loan modification program. If you have suffered a hardship that is affecting your ability to make your mortgage payments, you may be able to receive a more affordable mortgage payment under the Home Affordable Modification Program.

Is a Home Affordable Modification right for me?

Program goal

Home Affordable Modification is one of the federal government’s Making Home Affordable programs. The government’s goal for modifying your loan is to help you get a more affordable and sustainable monthly mortgage payment.

Eligibility

You may be eligible to modify your home loan under the Home Affordable Modification Program (HAMP), if:

The amount you owe on your first mortgage is equal to or less than:
- $729,750 for a single-family home
- $934,200 for a 2-unit property
- $1,129,250 for a 3-unit property
- $1,403,400 for a 4-unit property

You're experiencing a financial hardship, such as reduced income or medical expenses

Your current mortgage was taken out before January 1, 2009

Is your loan an FHA loan? If so, try modifying your loan under the federal government’s FHA Home Affordable Modification Program.

If you're not eligible for a Home Affordable Modification, other modification options may be available.

If we can't find a modification option that works with your budget, you may need to consider options that involve leaving your house. If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. We offer programs that may provide a streamlined approval process and financial assistance to help you with relocation.

There are no fees and no minimum credit requirements with the Home Affordable Modification Program, a part of the federal government's Making Home Affordable program.

Now that I'm in the process, what's next?

I've called to ask about a loan modification.

During the call, we'll confirm that you're eligible to apply for this program, and tell you about some important deadlines.

After the call, we'll send you a financial information packet. You’ll need to complete the forms in the packet and gather any additional documents that are required.

Throughout the process, you'll be paired with a Customer Relationship Manager who will answer any questions you may have and help guide you through the steps you'll need to take.

I’ve received the financial information packet.

As soon as possible, complete, sign and send us the forms in your financial information packet, along with any other documents that may be required.

Within five business days of receiving your packet, we'll send you a letter to let you know if any documents are incomplete or missing.

If you don't qualify for a Home Affordable Modification, other modification options may be available.

If we can't find a modification option that works with your budget, you may need to consider options that involve leaving your house. If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. We offer programs that may provide a streamlined approval process and financial assistance to help you with relocation.

I've been approved for a Trial Period Plan.

If you qualify, we'll send you a Trial Period Plan Notice explaining the terms and amount of your payments. It will be based on our estimate of what your monthly payments would be with a permanently modified loan.

The purpose of the Trial Period Plan is to show that you're prepared to make the modified monthly payments. The trial period lasts a minimum of three months.

Your Trial Period Plan begins when you make your first payment. Payments can be made by mail or over the phone, at no additional charge.

Please note: Trial Period Plan payments can't be made at your local banking center.

You must make each Trial Period Plan payment in a timely manner, in the amount specified in the notice, in order to receive a permanent modification.

If your original loan payment doesn't include a portion of your property taxes and homeowners insurance, those amounts will be added to your monthly payment and will be held in an escrow account.

If you're unable to successfully complete the trial period to get a permanent modification of your mortgage, you may need to consider options that involve leaving your house.

If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. We offer programs that may provide a streamlined approval process and financial assistance to help you with relocation.

I’ve made all my payments during the trial period.

To be approved for a permanent loan modification, you must:

  • Successfully complete your Trial Period Plan
  • Complete housing counseling if you have been asked to do so
  • Return any additional required documentation in a timely manner

After you're approved, you'll receive a letter and Modification Agreement defining the changes to your home loan. In some cases, it can take three or more months before you receive the letter and agreement. Meanwhile, you should continue making your Trial Period Plan payments.

Important to-do's:

  • Sign the Modification Agreement
  • Get it notarized
  • Return it to us as soon as possible

Your modification only becomes permanent after we receive the agreement. Until then, we strongly encourage you to continue making payments in the same amount you paid during your trial period.

Please note: Once your loan is permanently modified, your new monthly payments could be higher than your Trial Period Plan payments.