Do I Need An Attorney To Get HAMP Assistance?

HAMP, also known as the "Home Affordable Modification Program," was enacted by the President Obama administration as a way to assist homeowners in saving their homes.  The program was started in an effort to help save a failing housing market already in crisis.

HAMP and its Applicability

In 2009, the United States Department of Treasury issued the HAMP loan modification program.  HAMP is aimed to assist homeowners who are delinquent or at risk for losing their homes due to failure to make their mortgage payments.  In addition, HAMP is applicable to mortgages which originated on or before January 1, 2009 and will expire on December 31, 2010.  The law permits mortgage services, such as banks, to solicit borrowers who are thirty-one days or more delinquent on a loan for a HAMP modification.  Furthermore, only certain types of loans are eligible. For instance, a HAMP loan modification is only allowed to occur once on an underlying loan.  In addition, the borrower must qualify to receive the HAMP loan modification and must fulfill certain requirements.  For example, the borrower must complete an affirmation of financial hardship in addition to other requirements.

Getting Legal Help

One does not absolutely require the services of an attorney in order to obtain HAMP assistance; this is a federal program and if one meets the criteria, one is free to complete the applications and go through the process on his or her own.  However, one is also free to retain an attorney in order to have the attorney help one with the HAMP application and the entire process if one desires to do so.  An attorney could help one understand the HAMP loan modification program in greater detail and answer any questions one may have regarding legal consequences.  Moreover, an attorney could help to alleviate any stress one may have in completing the application involved in the process.