The Treasury Department is offering a free online calculator that helps borrowers estimate whether or not they qualify for the Home Affordable Modification Program ( HAMP).
The calculator is available at checkmynpv.com.
In the two years since its launch, HAMP has helped more than 270,000 borrowers receive permanent loan modification, thus lowering their monthly mortgage payments. However, there are still millions of homeowners at risk of foreclosure — which is bad for homeowners and bad for the housing market. The current glut of foreclosures — which have been stalled by paperwork delays — and which are poised to hit the market is already far more than can absorbed by first-time homebuyers, according to the research firm Campbell Surveys.
If you do not qualifying for a loan modification program and want to avoid foreclosure you do have another option...short sale. You should explore ALL your options before choosing one and above all avoid foreclosure as this should always be the last option!!! To get help exploring your options you should contact a local certified distressed property expert. You can find one online.