Late yesterday (1-27-12), the Obama administration announced changes in the way the Home Affordable Modification Program (HAMP) will work. Designed to further assist homeowners potentially facing foreclosure, the changes basically allow a more flexible, liberal loan to value analysis evaluation than previously existed under the plan. Additionally, the program will be expanded beyond the existing owner occupant status to included investor owners who use their properties for rentals. As if all of this weren't enough, the administration is also offering much larger incentives to investor/lenders to reduce principal balances, and, for the first time, are extending these incentives to Fannie Mae & Freddie Mac. If you haven't done so already, and you're having trouble making the mortgage payment because of heavy overall debt load, this might be an excellent time to contact your lender, and, if they aren't helpful. then making a contact with the Office of the Controller of the Currency might be in order.
Good luck!
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