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[GRAPHIC: Price Law Firm, PLC Attorneys at Law Home Affordable Modification Program]
[GRAPHIC: Price Law Firm, PLC Attorneys at Law Go to www.cpricelawfirm.com for a free DVD about the following: Mortgage foreclosure Homeowner's Associations Avoiding foreclosure Keeping your home Short sale Secondary mortgage Modifications Home affordable program and much more]
FEMALE VOICE: Now what I really want to focus on is the home affordable modification program, which is also HAM. And this program is only good for primary residences. So this has to be your principle home. It doesn't matter if you've claimed homestead or not. A lot of times they'll ask for a utility bill or something like that to show that you actually live in this dwelling and it is your house and, and this is where you're going to stay.
There are some lenders, not a lot, but there's a few that have started doing modifications on investment properties as well. It doesn't qualify for this program but they may have their own type of modification or forbearance or other solutions.
Okay, secondly, your mortgage cannot be more than $729,750. And third, you have to be demonstrating a hardship or have trouble paying your mortgage. So if you mortgage payment has dramatically increased due to maybe an adjustable rate or an increase in escrow, or if you've had a significant reduction in income, maybe a loss of job or a change in household or if your expenses have dramatically increased.
[GRAPHIC: Price Law Firm, PLC Attorneys at Law Go to www.cpricelawfirm.com for a free DVD about the following: Mortgage foreclosure Homeowner's Associations Avoiding foreclosure Keeping your home Short sale Secondary mortgage Modifications Home affordable program and much more]
