One of the goals of pretty much every society is ensuring home stability for each of its citizens. The reductions is crime, better upbringing conditions for children, and the pride it gives make home ownership for everyone a laudable goal. As is often the case though, life happens. Layoffs, sickness, and divorce are still an ever present risk for everyone. This is where government can help. The Home Affordable Modification Program allows the government to step in and help people keep their homes.
Why the Home Affordable Modification Program is Important
For those citizens of the USA dealing with foreclosure, this program can be your lifeline. The FHA–HAMP program allows people who made use of FHA insured mortgages to lower their monthly mortgage payments when they are dealing with foreclosure. There are , however, limits and conditions as to who can apply. If you are accepted, there is a trial period for three months where you HAVE to make the new payment. In addition you have to qualify based on debt to income ratios. This is just another reason why liquidity is important.
While I normally like to talk about the financial opportunity costs of these programs, this goes a little beyond that. You owe yourself and your family a stable life. Sometimes life sucks, but that is why we have our social safety net. Collectively as a society, we want to give people a reasonable chance at staying in their homes. For those who may be struggling, just know that these programs do exist.
Please note that I am not an attorney, or government employee. This is not meant to be legal service, but possible advice for you to examine further with those who are qualified to help you in these kinds of situations.