Our summary of the Obama Administration Federal Home Affordable Modification Program Guidelines should provide any of our Phoenix based homeowners who are facing financial problems and foreclosure with their home mortgage with some direction in terms of getting much needed help and relief.

You can work directly with your lender to modify your own mortgage. However each lender has their own guidelines and specifics for the information they need to approve a Federal Home Affordable Modification for your mortgage. Below are the basic guidelines that every mortgage must meet no matter what lender you have:

Mortgage and Property Guidelines:

• The qualifying mortgage is your first mortgage,
• Your property must be your primary residence,
• Your property must be occupied by you,
• Your property cannot be abandoned, vacant, or condemned, and
• You cannot have modified your mortgage previously under the HAMP program.

Borrower Eligibility Guidelines

• You are currently not behind on your mortgage, but your mortgage is no longer affordable because of a hardship that you can document,
• You are currently late on your mortgage payment,
• More than 31% of your pre-tax income is spent on your mortgage payment. Your mortgage payment includes: principal, interest, taxes, insurance, and homeowners association dues.
• You got your mortgage on or before January 1, 2009.

If you meet these guidelines you may qualify for a Federal Home Affordable Modification Program. To discuss your options of a loan modification, short sale or other options to prevent foreclosure contact one of our specially trained short sale real estate agents today.