The HAMP plan is helping the struggling homeowners to get a mortgage modification or refinance their home. Under this plan, those lenders who have already initiated foreclosure proceedings can continue but they can’t plan a foreclosure sale until the HAMP evaluation has finished.

The HAMP, home affordable modification plan is helping the struggling homeowners to get a mortgage modification or refinance their home. According to the new rules from June 1, 2010, the loan servicers won’t be able to foreclose until a borrower has evaluated for the HAMP plan and has been proved that he is ineligible for the plan. Those borrowers who are 60 days or more delinquent on their mortgages should be contacted by their services for participating in the Obama loan modification programs. Obama-loanmodification also provides service for this plan and it helps the homeowners to get their loan modified or refinanced.

According to the HAMP loan modification rules, those lenders who have already started the foreclosures proceeding can continue them but they can’t plan a foreclosure sale until the HAMP evaluation has been finished. According to the reports given by the treasury departments, the HAMP plan has modified 116,297 loans by lowering the interest rates and loan terms and nearly830, 000 homeowners have received a trial repayment plan.

Home Affordable Modification Program Guidelines:

• The homeowner should occupy only one to four unit properties and no vacant property is eligible for this plan.

• The first mortgage should be equal to or less than $729,750.

• The loan should have been originated before January 1st.

• The mortgage payment including taxes, homeowner’s association dues and insurance should be more than 31% of the gross monthly income.

• The loan can be modified only once under this plan.

If a person wants to participate in the HAMP plan than they should contact an attorney to assure that they qualify.

The American Residential Law Group’s team can help the struggling borrowers to qualify for the Loan Modification. Another plan called as Home Affordable Unemployment Program is for those who are currently unemployed and facing financial problems. This plan helps people to manage their finances and provide them relief with the help of Loan Modification Attorneys. Thus those who are currently unemployed can choose this plan.