Industry NewsMortgage

Tool helps unemployed get loan mods

HAMP program requires 9 months of benefits
Published on Oct 22, 2009

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by CareyBot

A new Web-based tool can help workers who have lost their jobs demonstrate whether their unemployment checks will be large enough and last long enough to help them to qualify for a mortgage loan modification.

The Home Affordable Modification Program (HAMP), one of the Obama administration's main foreclosure prevention initiatives, allows laid off workers to obtain loan modifications -- but only if loan servicers can determine that borrowers have at least 9 months of unemployment benefits remaining.