Frequently Asked Questions on HAMP, The Obama Loan Modification Program
The loan modification program provides clear and consistent guidelines for modifications guidelines that the entire mortgage industry can use. Borrower eligibility is based on meeting specific criteria including: borrower is delinquent on their mortgage or faces imminent risk of default property is occupied as borrower’s primary residence mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties.
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