When Is The HAMP Program Beneficial To You?

Published on: 02 October 2018 Last Updated on: 18 December 2021

The Home Affordable Modification Program, called HAMP, provided individuals with aid in modifying their existing mortgage loans. This program was designed to provide homeowners with some financial relief to reduce the risk of foreclosure. The application of the HAMP program can make things work for you in all aspects. Do not make your choices in grey.

Is HAMP Program Available?

At the time of this writing, the Home Affordable Modification Program is no longer available as it was. The United States Department of Treasury established the program in March 2009. It was a part of the Making Home Affordable Program. It was effective on mortgages that were originated on or before January 1, 2009. The program was set to expire on December 31, 2016, with individuals able to apply for it through September 30, 2017. As of now, it is no longer available to individuals.

What Did the Home Affordability Mortgage Program Do?

The goal of this program was to encourage loan modifications for homeowners who were at risk of becoming delinquent on their loans. It worked to help reduce the frequency of missed monthly mortgage payments. HAMP program was beneficial for you and you have to make sure you do not make your choices in the wrong direction.

Who Was Eligible for HAMP?

Not all homeowners qualified for the home affordability mortgage program. To meet the requirements, individuals had to meet specific rules including the following:

The loan had to be a first lien mortgage (second mortgages and home equity lines of credit did not qualify).
It had the be a Freddie Mac or Fannie Mae loan.
It applied to single-family homes, homes with up to four units, condos, cooperatives, and some manufactured homes.
Individuals with an FHA or VA loan could use the program (but this was not a requirement of obtaining the modification).
No vacant abandoned or condemned homes could obtain help.
Modifications could happen only one time through the HAMP program.

If the home met these requirements, a homeowner could then work with their existing lender to adjust their mortgage under some key guidelines. HAMP was not easy to qualify for, but for individuals who needed it, it provides a lifeline of important support.

To be eligible for the modifications, the borrowers had to meet specific requirements as well. These included the following:

Property owners that were current or no more than 60 days behind on their mortgage payments could be considered for a HAMP Trial Period. However, they must be determined to be in imminent default.
Borrowers could be in bankruptcy or foreclosure, or in some type of pending litigation regarding the property, such as in a judgment from lenders.
The key to obtaining these loan modifications was proving the borrower was struggling with some type of financial hardship.
Borrowers had to have an expense-to-income ratio related to housing expenses of no more than 31 percent (applied to their gross monthly income).
Individuals must still have some ability to make their monthly mortgage payments reliably after the modification occurs.

Why Did Borrowers Consider HAMP?

Borrowers were able to get help if they were struggling with financial hardship with the goal of avoiding foreclosure. This program was designed to help stop the flood of foreclosures entering the market after the housing crisis and financial difficulties that began in 2007. Individuals who qualified benefited by getting some type of modification to their loan. This may have included:

A reduction in their interest rate
Modifying the loan from an adjustable-rate mortgage to a fixed-rate mortgage
Getting a principal reduction or a forbearance
Getting a long term to help reduce the monthly payment

Over its lifetime, HAMP saw several modifications to determine which type of properties qualified and to reduce some financial strain. Most importantly borrowers were able to modify their loans so they could remain in the long term.

Lenders benefited from these modifications as well. Lenders were able to secure the loans for borrowers facing immediate financial hardship but had the likelihood of maintaining their mortgage payments over their lifetime. This helped reduce the risk of foreclosure, and an expensive process for lenders. Most importantly, it helped families remain in their homes.

What Options Are Available Now?

A home modification program is still an option for some homeowners. Other programs are available to help some borrowers such as the Fannie Mae and Freddie Mac Flex Modification Program. Many lenders offer modifications in-house as well. Borrowers who may be late on monthly mortgage payments or are facing financial hardship should consider speaking to their lender directly.

Additionally, the Home Affordable Refinance Program, or HARP, is available. This option remains in place and can help a homeowner to secure a lower interest rate on their loan, get into a shorter loan term, or adjust their loan from an adjustable-rate to a fixed rate.

Individuals facing financial hardship should seek out solutions from lenders. While the HAMP program is no longer accessible, other solutions may be available to help borrowers to avoid foreclosure, late payments, or even the loss of their home.

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What Embracing Crypto-Backed Lending Means for the Finance Industry

You probably know that cryptocurrency is becoming more in-demand with each passing year. Bitcoin is extremely popular, but other forms, such as Ethereum, are also making a splash. However, some financial institutions are reluctant to fully embrace cryptocurrency, thinking it’s just a flash in the pan. In time, they may want to change their tune since the finance industry seems poised to allow companies and individuals to use cryptocurrency for more mainstream transactions. Once they do so, they can take on new clients in a variety of industries and niches. The LQD Business Finance company is one that recently started embracing crypto-backed lending. Let’s look at what they have to gain by doing so and what this strategy means in the larger finance industry context. The First Bitcoin-as-Currency Commercial Lending Platform: For LQD Finance, transforming the finance industry is nothing new. They periodically use emerging technology as it becomes available if they feel it will benefit their would-be clients. By setting up the first Bitcoin-as-currency lending platform, they can take away the mindset that it’s strictly a digital asset. If you’re a business owner, and you have invested in Bitcoin heavily, as so many have, this is probably what you have anticipated. Now, you can utilize that cryptocurrency for buying and selling various business assets that your company needs. There are three particular ways this step by the LQD Business Finance company will alter the financial industry’s cryptocurrency outlook. Let’s go over each one. Broader and More Wide-Ranging International Applications: Many businesses want to take their sales to the next level, which means going international. US-based companies often take this approach at a certain point, but so do foreign ones. Either way, these businesses can face logistical challenges. For instance, they might generally utilize their own country’s currency, and they find that foreign suppliers are reluctant to accept it. They can use banks or finance companies to exchange their currency, but that’s time-consuming and potentially frustrating since they must pay fees if they go this route. Cryptocurrency like Bitcoin is an international monetary form. When a well-known company like LQD Business Finance says they’re setting up a lending platform using it, many businesses are likely to want to jump on that opportunity. They know they can use Bitcoin in any market because the world decides its worth. Customer Satisfaction is More Likely: The second way this decision will shake up the finance industry is that customer satisfaction with this type of lending platform is highly likely. Cryptocurrency investors have certainly made plenty of money off trading this commodity up to this point, but they have more ambitious plans for it. This is the first huge sign their patience is paying off. Bitcoin reaching the mainstream market through a lending platform in this way means the larger and more prominent lending companies are starting to come around. Many small and mid-sized businesses that own Bitcoin and have waited for this day are going to move aggressively within their niche because they know they have a reputable financial institution backing them. Individuals Can Diversify Their Portfolios Like Never Before: The third shakeup that’s likely to occur is that investment-minded individuals can diversify their portfolios more aggressively than they could previously. A major commercial lender treating Bitcoin as actual currency instead of a mere niche investment means that clients can completely rethink their investment strategies. For instance, someone who would not sink any real money into Bitcoin up to this point might make their move now and buy up quite a bit of it. Cryptocurrency mainstream success is something that serious investors can’t ignore. You might have an individual investor or day trader who buys Bitcoin aggressively now. You may have a hedge fund manager who has hundreds or thousands of clients in tow, and they decide Bitcoin is the new must-have. Either way, a diverse portfolio from this point forward is almost always going to be the one that includes Bitcoin. This is probably far from the last lending company that will accept Bitcoin in this broader way. It was likely to happen at some juncture, and the moment has come. It will certainly be fascinating to see which other cryptocurrencies will reach this favored status. Some seem to be on the mainstream success borderline, but watching lending companies like LQD Business Finance will always be a strong indicator. You know they would not make this move unless they were certain of Bitcoin’s newfound legitimacy. Read Also: How To Become A Successful Cryptocurrency Trader In 5 Easy Steps The Profit Revolution: The Best Bitcoin Trading And Investing Platform Most Common Bitcoin Trading Blunders – You Must Avoid

Insurance- Need of the time

Everything comes with a risk and it may result in financial losses. To handle these risks efficiently, insurance is required. Insurance is a prudent process to transfer the risks to the insurance agency and everything starting from assets, damages, and destruction can be covered through insurance policies. It is a legal agreement between the insurer and the company, which laid down the policies and procedures to be done in case of any contingency. Contingencies can be any event that puts the insurer in the loss. The insurer has to pay a premium on regular intervals or quarterly or annually according to policy terms. How Insurance Help you? 1. Beneficial for Homeowners: It helps you to claim for the repairs and replacement of any damage and protection against theft, damage from fire or water, all which covered in the insurance policy. It is essential for mortgage lenders to know that home is insured. 2. Drive vehicles: Though it is a legal requirement, insurance helps you to reduce financial strain by covering accidental damage, medical care and legal costs related to your automobiles. 3. Help for the standard of living: In case of critical illness and recovery will take a long time, an insurance policy can be used to cover daily expenses and heavy expenditures including debt to give you time to focus on recovery. 4. Health care and support to Family: In case of death, life insurance policies have many variants to address the long and short term needs to protect your family’s assets, loan, and lifestyle. 5. The backbone for business: To manage the risk in business, an insurance policy can be used for the owner, business and employee coverage. Retirement plans and group benefits can be provided. 5. Tax benefits: Apart from financial losses coverage and security points, income tax benefits can be reaped. Income invested in paying the premium is exempted from tax deductions and it may vary policy to policy. Spend time on insurance research to find the best insurance policy for home, individual or business. In-depth knowledge helps you to take new risks and support in bad situations. You can visit sites like this to get detailed information about insurance schemes. Major insurance types which everyone needs to spend life without worries: i). Life Insurance: According to the name, it is for the safety of your life. It can be purchased to help the dependents to live life easier in case of untimely death. It helps your family to stand again in severe circumstances and helps them to pay loans, bills, or educational costs. ii). Health insurance: Severe illness is equal to bankruptcy, and most of the organizations opt for medical insurance for its employees as a mandatory joining requirement. Premium paid under the policy is mainly supports you in case of ailments, suppositories, and hospitalization. iii). Vehicle Insurance: The vehicle is a valuable asset and it needs to safe and covered financially. Few of the insurance policies provide protection for natural calamities such as storms, earthquakes or floods. iv). Home Insurance: Protecting a house is a tedious task and it can do by taking the right insurance policy to deal with fire and lightning. Choose the right insurance policy to save your assets and loved ones. Read Also: The Top Benefits of Using an Insurance Broker 6 Common Myths busted for the insurance agent exam 5 Proven Ways to Reduce Your Home Insurance Rates

What you need to know about Ethereum mining

Ethereum mining is one of the essential means to develop your business in the best possible ways. Work out the plans that can help you to achieve your goals in the correct order. Do not make your choices in grey while you want to develop your trading business in the correct way. Ethereum mining is possible in a number of ways Crypto mining is a new money-making frontier without much risks involved. And while Bitcoin is becoming less profitable to mine by the day, Ethereum is still a solid choice. It gives solid returns (assuming the price of ETH doesn’t change too much!). Today, let’s see how we can have a setup for Ethereum mining! 1. Get your Mining Setup Together Mining basically means running an algorithm again and again until you find the “solution”. Once said the solution is found, you are paid by the system with Ethereum Mining can become computationally expensive and can be demanding on CPU or mining hardware. To have a chance of mining and therefore earning, a decently powerful computer setup is the absolute minimum. More power would potentially mean more earnings on average. Ethereum Mining can help your business to grow at a rapid pace. Work out the plans that can work well in your favor. In the case of Ethereum, it pays out 5 ETH roughly every 15 seconds to whoever solves the mining algorithm (though this may change in the future when Ethereum switches over to a Proof of Stake algorithm) So,first step would be to get a computer and/or graphics card setup. A standard, absolute minimum setup consists of 6 video cards. These should be a minimum of 3GB, and a motherboard with 6 PCI slots minimum. The other crucial parts would be a CPU, Memory of at least 4 GB, a decent power supply capable of handling of 80% of the output capacity, and a 60 GB hard drive. It’s also recommended to connect the rig to the Internet via a wired Ethernet cable connection; WiFi isn’t really recommended. The above rig is optimized for Ethereum mining using the current algorithm and mining difficulty. It collects a decent 0.5 ETH per month but, as is with cryptocurrencies, things change fast. 2. Get a Digital Wallet For you to earn and use cryptocurrencies, you need a digital wallet. Wallets are nothing more than placeholders where your coins are stored online. You have tons of choices in this area, with many different factors too big to cover in this guide. Ethereum mining can help your business to grow in the right direction in a short time span. Work out the plans that can work well in your favor. Once you have a wallet, it’s time to decide: 3. Do you Mine Alone or join Mining Pool Mining at it alone sounds like a great idea. The reward is much bigger and it’s all yours. However, this only works if you consistently beat thousands of others in solving the algorithm first. Trust us, with those odds, it won’t happen very often To successfully solo mine, you will need an upwards of 100+ graphics cards at your disposal. Not to mention taking the brunt of the enormous electricity costs, taking care of heating problems and ventilation, and the huge upfront cost of buying the hardware. Solo mining is possible and, yes can be rewarding, but you need to know what’s in store here. Mining pools are a collection of mining rigs which combine their hash rates together for a better chance of mining Ethereum coins. With crypto mining pools, you get a steady income even if you mine a block by proxy. It’s all about a collective group effort. There are lots of factors you should consider before joining a mining pool. The size of the pool, or the number people joining, is an important consideration. More people in the pool means there’s a bigger chance of mining a block and getting a reward. On the flipside, however, the payout per person gets smaller, since it gets split between more people. It might be worthwhile to try different pools to see which one you like best. But here are some we recommend NiceHash is a relatively easy to use and quick to set up mining pool to join. The nice thing about it is that it automatically searches for the best algorithm or cryptocurrency to mine, not just Ethereum. This can give more value for your rig in the long run. It should be noted that NiceHash also pays in Bitcoin, regardless if you were mining Ethereum or something else To join, you first need to download the AMD or Nvidia program installer from their site. This application will scan your hardware setup and install software as necessary. Afterward, you enter your Bitcoin wallet address. It should be noted that you need a BItcoin wallet setup before joining NiceHash. Else, you won’t get paid. Once entered, click on the benchmark button and start another scan. You’re then ready to mine NiceHash runs at an overall hash rate that is 20% less. This might seem concerning, but the switching feature more than makes up for this, as it can potentially up your profitability than just focusing on one coin alone. Another option is Nanopool. It is currently one of the largest mining pool joinable with 130,000 active members and counting. Nanopool also pays out to miners who are close to solving the algorithm, so that’s nifty as well. It charges a fee of 1%. Similar to Nanopool is Ethermine, which has a similar structure and fee. For mining software, we recommend Claymore Dual Miner. This allows you to mine two different coins at the same time. This works brilliantly for mining Ethereum and another crypto coin. Since Ethereum is more memory intensive, the processor can be used to mine for more processor heavy crypto coins. Thus allowing you to mine at twice the speed. Both Nanopool and Ethermine support Claymore. 4. Start mining! Once you’ve installed your choice of mining software, just run the appropriate program and your computer will then automatically start mining. Remember to always keep the program running, preferably 24/7. 5. Check your earnings and profit! After a while, you might want to check how much ETH you’re earning. To do so, you need to go to your mining pool’s website and type in your digital wallet address. You should be able to see how much ETH you’ve been earning thus far. Ethereum Mining can help your business to grow and move at a rapid pace. But earnings are different from profits. To truly calculate how much you are profiting, you need to consider electricity costs. To do this, you need to find out how many mega hashes per second (Mh/S) your setup is contributing to the pool. Next, go to the numerous mining calculators available online. Supply the relevant information to see how much you’re really earning! 6. Improve your Results There are a lot of ways you can improve your results and therefore your profits. Techniques such as overclocking and undervolting are worth looking at. What doesn’t change is the need for constant learning and improvement in this area since changes come in very rapidly. You need to be on your toes if you want to keep the profits rolling in. Happy mining! Read Also: Securing Mobile App Development With Blockchain Technology What You Should Know Before Using ExpertOption (more…)

When Is The HAMP Program Beneficial To You?

Is HAMP Program Available?

What Did the Home Affordability Mortgage Program Do?

Who Was Eligible for HAMP?

Why Did Borrowers Consider HAMP?

What Options Are Available Now?

How To Choose The Best Auto Insurance Company?

UAN Login and its facilities with Registration process

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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What Embracing Crypto-Backed Lending Means for the Finance Industry

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What you need to know about Ethereum mining

When Is The HAMP Program Beneficial To You?

Is HAMP Program Available?

What Did the Home Affordability Mortgage Program Do?

Who Was Eligible for HAMP?

Why Did Borrowers Consider HAMP?

What Options Are Available Now?

Share this Article

How To Choose The Best Auto Insurance Company?

UAN Login and its facilities with Registration process

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

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