Guidelines to the Loan Modification Portion of the HASP Plan
According to the United States Department of the Treasury, it will partner with mortgage lenders to reduce mortgage payments of qualifying borrowers to 31 percent of income under the Home Affordable Modification Program.
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Date
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The mortgage must have been signed before 2009 for a borrower to be eligible for the plan.
Home
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The home must be an owner-occupied single-family dwelling and must be a primary residence. It may not be investor-owned, vacant or condemned.
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Borrowers
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Borrowers in bankruptcy are not automatically eliminated from consideration and those who are involved in a lawsuit concerning the mortgage can participate in the program without waiving their legal rights.
Loan
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Unpaid balances on the loans must be lower than $729,750 for a single unit. Loans can be modified only once under the program.
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