529: It's not Just for College Savings
It's also the amount of the reduction in your monthly mortgage payment had you completed a Home Affordable Mortgage Program (HAMP) loan modification over the last five years. That's nearly $6,400 a year in savings.*
Since its debut, HAMP has helped more than 1.3 million distressed borrowers lower their mortgage payments and remain in their homes.
Could you qualify for HAMP? You could if you:
- Obtained your mortgage on or before January 1, 2009
- Have a documented financial hardship and are either behind on your mortgage payments or in danger of falling behind
- Owe up to $729,750 on your primary residence or single unit rental property
- Have sufficient, documented income to support a modified mortgage payment
If this sounds like you, contact your mortgage servicer today to get started. HAMP is not the only alternative to help you avoid foreclosure. There are a wide range of options available to help you keep your home or exit gracefully if that's not possible. Freddie Mac's Mortgage Help Navigator can help you determine what alternative is best for you.
*Savings based on Freddie Mac HAMP modifications completed as of June 30, 2014