PMI Mortgage Insurance Co. has posted a video on its Web site that is designed to help homeowners understand the Home Affordable Modification Program (HAMP).
‘Distressed homeowners who are facing the prospect of losing their home need to know that help is available for those truly interested in saving their homes,’ says John Jelavich, head of PMI's Homeownership Preservation Initiatives group. ‘This instructional video leverages the growing popularity of Internet-based video to give homeowners an overview of how HAMP works and their important role in the process.’
The video, ‘Navigating the Home Affordable Modification Program,’ is divided into two parts. The first part is a basic orientation for homeowners who may not be familiar with HAMP, the program's objectives or its eligibility requirements.
The second part of the video discusses the information borrowers need to provide their mortgage servicer, demonstrates how affordability is achieved through a realistic example, and the steps homeowners need to take to ensure success in modifying their loan.
SOURCE: PMI Mortgage Insurance Co.