Need Mortgage Refinance

The program came into being to provide a temporary period where monthly mortgage payments are reduced or suspended when a homeowner becomes unemployed. Your lender will need to be a participating servicer in the ‘HAMP’ program.

The elibility criteria is key to whether you will be accepted onto this program so pay careful attention to the requirements which are listed below for your convenience. If you don’t meet these requirements then there will little point applying to the Unemployment Program or UP as it is more commonly known.

Eligibility:

• The mortgage loan needs to be secured by a 1 to 4 unit property where at least one of the units is your primary residence
• The mortgage is a first lien mortgage which was taken out before the 1st January 2009
• The unpaid primary balance of the loan must be equal to or less than
  * 1 Unit: $729,750
  * 2 Units: $934,200
  * 3 Units: $1,129,250
  * 4 Units: $1,403,400
• The current unpaid balance of the primary loan must be equal to or less than $729,750
• The mortgage must already be delinquent, i.e. you have defaulted on one or more payments or it is reasonably obvious you are about to become delinquent
• The mortgage loan has not already been modified through the ‘HAMP’ program and you have not already received help through the ‘UP’ program
• You have to contact your lender before missing 3 full mortgage payments, once you have missed 3 full payments, you will no longer be eligible
• You actually have to be unemployed to apply to ‘UP’ and be able to provide documented evidence that you will receive unemployment benefit in the month the temporary period of relief becomes effective
• Your lender might decide that have to have been on benefits for up to 3 months before your temporary period of mortgage relief can begin

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