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HAMP Tier 2 Loan Modification Program of 2012

The HAMP Tier 2 program has just rolled out. Its schedule intends to cover rental properties, principal reductions and much more…..New relaxed guidelines will may even allow those borrowers to qualify for government help who had been previously denied a HAMP loan modification for their first mortgages.

Besides, the new HAMP guidelines 2012 for its Tier 2 schedule is expected to remain in effect till the 31st of December, 2013 and is intended to provide mortgage relief assistance to more homeowners unlike the earlier HAMP version. To make this possible, certain additional eligibility guidelines, which offer relaxations for homeowner qualifications, have become effective from 1st of June, 2012.

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HAMP Tier 2 Guidelines Explained

Change in availability date:

The expanded HAMP 2 program will now be available to assist homeowners until the end of December 2013 and the new guidelines have assumed effect from June 1, 2012

Debt-To-Income (DTI) Limits

As per new HAMP 2 2012 rules and regulations borrowers can reduce monthly payments if they have a DTI ratio that is as low as 25%. Earlier to qualify for the HAMP, applicants were needed to have a DTI ratio which was not less than 31%.

Evaluation Of Debt Situation

The earlier HAMP guidelines only took into account payments being made by the borrower on his first mortgage loan. But the HAMP Tier 2 guidelines will also take into consideration different types of debts such as second mortgages, medical bills, credit card dues, etc. while assessing overall financial situation of the applicant.

Rental Properties To Qualify

For the first time, the HAMP program will help landlords who have rented properties but are struggling to pay their monthly installments. The revised HAMP plan will allow borrowers to modify mortgages on up to 3 properties on rents at a time under the Tier 2 version.

Permit Repeat Modifications

Homeowners who went delinquent on their HAMP trial or permanent loan modification plans can re-apply with the revamped Tier 2 program if more than 12 months have passed after such defaults.

At least 10% Reduction Must

As per HAMP 2 rules and regulations, home loan modifications granted must be able to reduce the borrower’s monthly mortgage payments by minimum 10%.

Encouragement to principal reductions

Under new HAMP qualification criteria, encouragement has been provided to lenders with the announcement of new incentives for reducing unpaid principal mortgage loan balances of borrowers who are currently underwater on their mortgages.

The Home Affordable Modification Tier 2 Program – A Brief Overview

Here’s How It Differs From the HAMP Tier 1

  • Program has been extended to December 31, 2013.
  • With HAMP Tier 1 only one modification was permitted but the Tier 2 plan permits up to 3 modifications at a time.
  • Homeowners currently not residing but thinking of re-occupying their homes after getting displaced can qualify if they have occupied those homes previously.
  • Under a new HAMP Tier 2 requirement servicers must consider borrowers for UP relief assistance if they have skewed monthly mortgage payment ratios.
  • Even rental property owners will be eligible to receive financial help under the revised HAMP rules and regulations.
  • Lenders will qualify borrowers even if they are reported delinquent on HAMP trial or permanent modification plan payments subject to some condition.
  • HAMP Tier 1 prescribed a 31% Debt-To-Income ratio limit but its revamped version prescribes a DTI limit which is between 25% and 42%.

HAMP Tier 2 qualifications will make a borrower eligible for receiving government funds only if the modification provides minimum 10% reduction in payment of monthly installments. If this condition is not met, the applicant will not qualify for the revised plan.

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