New Changes to HAMP for Multiple Modifications
Making Home Affordable (MHA) has revised the requirements for multiple modifications under the Home Affordable Modification Program (HAMP). In June of 2012, MHA released changes to HAMP to help more homeowners seeking loan modifications and other mortgage assistance. Under those changes, the number of modifications a borrower can receive changed from one modification per borrower to up to three permanent modifications on three different mortgages.
Effective September 30, 2012, HAMP eligible borrowers may now be able to receive up to six permanent mortgage modifications on up to six different properties as long as the borrower does not own more than five single-family properties in addition to their primary residence and meets all other HAMP eligibility requirements (click here to view HAMP eligibility requirements). IndyMac Mortgage Services will be implementing these changes effective immediately.
Looking for more information on changes to HAMP? Check back regularly for updated blog posts relating to HAMP and how recent program changes may affect your loan. In the meantime, if you have questions about the new MHA guidelines or additional questions relating to your mortgage, please feel free to contact one of our customer contact representatives at 1.800.781.7399.