Top 4 Mortgage VIPs

You, the borrower, are the most important person in any loan that’s originated.  However, there are many people who help close and fund a loan.  Your lender has several very important people who directly work with loans. You will want to have a broad understanding of the key players, their role in completing your file, and what to expect with any interaction you may have with them

Loan Modification / Home Affordable Modification Program (HAMP)

HAMP is designed specifically to help homeowners impacted by financial hardship. With HAMP, the loan is modified to make the monthly mortgage payment no more than 31% of the Borrower’s Gross (pre-tax) Monthly Income. If eligible, the modification permanently changes the original terms of the mortgage.