- Must be your principal residence and a one to four unit property.
- Must have been originated before January 1, 2009 and the current unpaid principal balance must be equal or less than 729,750.
- The mortgage must currently either be in default or the default must be foreseeable or imminent as often called.
- The mortgage must not have previously been modified under HAMP or received a previous UP forbearance period.
- The additional requirements for the UP forbearance plan include that you must request before three monthly payments are due and unpaid. You can request this by phone, mail or email and servicers must document the date you requested the UP and confirm your request within 10 days via mail or return email.
- You must be unemployed and have received at least 3 months of benefits, although this requirement can be possibly be waived by the lender if they allow it, on the date you request the UP and able to document that you will receive benefits in the month of the Forbearance Period Effective Date even if the unemployment benefits are scheduled to expire before the end of the UP forbearance period.
- The servicer must evaluate you for the program within 10 days and if they make a determination by the 15th your effective date would most likely be the 1st day of the following month.
Beware: after your forbearance period on the HAMP UP unemployment program you still have to qualify for HAMP, and if you don’t, you will find yourself in jeopardy of losing your home.
Read more articles by Anna Cuevas on The Huffington Post
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