Skip to content
Digital News Report Logo
Menu
  • News
  • Business
  • Science
  • Entertainment
  • Health
  • Sports
  • Audio Books
  • Quizzes
  • Videos
Menu

Home » Business » What is the Trial Period of Obama’s Government Home Loan Modification Program

What is the Trial Period of Obama’s Government Home Loan Modification Program

By Victoria Brown on June 17, 2010
alt text

see the video below

Digital News Report – Homeowners that are having trouble paying their monthly mortgage payments might be able to participate in Obama’s government home loan modification program called Home Affordable Modification Program (HAMP). The government program helps the homeowner refinance an existing loan to have either a lower principal owed, a lower interest rate, or an extended term loan to help lower the monthly mortgage payments. The payments are determined by your monthly income. After you have been accepted into the program, you first must complete a trial modification also called a Trial Period Plan.

A Trial Period Plan lasts for at least 3 months and begins only after you have been preliminarily qualified for the home loan modification program. Once accepted into the program you begin with a trial modification payments. You have to provide all necessary documents and forms to your mortgage lender, and many people become disqualified during the trial period because they fail to follow through with providing either the necessary payments or the needed paperwork. If you don’t provide all the necessary forms and documents required before the end of the trial period plan your loan will not be made permanent and you will not get the lowered monthly payments in the long run. If you are not sure if you have sent all of your paperwork, make sure to contact your lender to see if they need any documents or forms. You also have to make the trial payments in full and on time. Any missed or late payments during the trial period can also disqualify you from having a permanent home loan modification.

You might have a difficult time contacting your mortgage loan service provider or lender. The Making Home Affordable website suggests that you can get free help from a HUD approved housing counselor by calling 1-888-995-4673 and ask for MHA HELP. Check out the HAMP video below on the important items to take care of during the trial modification period in order to have your home loan modification become permanent.

By: Victoria Brown

Your To Do List for a Permanent Modification YouTube Video

  1. Obama’s Government Home Loan Modification Program – What are the Requirements?
  2. Government Home Loan Modification Program – Permanent Modifications Numbers Up in April
  3. Government Home Loan Modification with Bank of America
  4. Avoid Foreclosure – See if you qualify for Obama’s Government Home Loan Modification Program
  5. Obama’s Government Home Loan Program has almost 400,000 Permanent Modifications

Live Results Search

Categories

Important Information

This site is for informational purposes only.  Always check with your doctor or  legal council before making any medical or legal decisions.

loader-image
San Francisco, US
12:55 am, July 1, 2025
temperature icon 55°F
few clouds
Humidity 89 %
Pressure 1011 mb
Wind 9 mph
Wind Gust: 0 mph
Visibility: 10 km
Sunrise: 5:51 am
Sunset: 8:35 pm
Weather from OpenWeatherMap

 

©2025 Digital News Report | Design: Newspaperly WordPress Theme