Can I Modify My Mortgage in Bankruptcy? Yes!

Can I Modify My Mortgage in Bankruptcy? Yes!

The Home Affordable Modification Program (HAMP), also known as the Making Home Affordable Program, is being used in the bankruptcy courts in SW Florida. The HAMP program was established by the government to help struggling homeowners save their homes. You may or may not be eligible for a HAMP modification; however, you will never know unless you try.

HAMPIf you are a homeowner and your monthly mortgage payment exceeds 31 percent of your verified gross (gross means pre-tax and other deductions) monthly income, you may apply for a HAMP modification with your bankruptcy. To qualify:

1.You must own a home that is your primary residence. This can be a single family home, duplex, or multiple unit (although multiple units need to be looked at more carefully).
2.You must have entered into your mortgage before Jan. 1, 2009.
3.You must have a mortgage payment (including taxes, insurance, and homeowner’s association dues), which exceeds 31 percent of your gross income.
4.You must have a principal balance of less than $729,750 on your first mortgage. Note: this is for a single-family home. Multiple units differ.
5.You must have documented financial hardship.
If you qualify, call our office or visit our website immediately to discuss modifying your mortgage in a chapter 13 bankruptcy.

DELLUTRI LAW GROUP
CARMEN DELLUTRI, ESQ.
KMarshall@DellutriLawGroup.com
Download VCard
Phone: 239.939.0900
Fax: 239.939.0588
1436 Royal Palm Square Boulevard
Fort Myers, Florida 33919

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Posted on December 4, 2013, in Legal and tagged , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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