Raúl Torrez | Attorney General

LAST CHANCE: Attorney General Balderas Urges Struggling Homeowners to Take Advantage of Federal Program

FOR IMMEDIATE RELEASE: December 6, 2016

Contact: James Hallinan (505) 660-2216

Operation Holiday Home Protection highlights ending federal mortgage assistance program

Albuquerque, NM – Today, as part of Operation Holiday Home Protection, Attorney General Balderas urged homeowners who are struggling to meet their monthly mortgage payments to act quickly to take advantage of a federal program that can help keep them in their home and avoid foreclosure. Until the end of the year, homeowners who are struggling with their mortgage payments can apply for help through the HAMP (Home
Affordable Modification Program). Homeowners can apply for HAMP even if they are not behind on their loan payments.

“New Mexicans who are struggling to make their mortgage payments should take advantage of this federal program, HAMP, before registration ends at the end of this month,” said Attorney General Balderas. “I want New Mexico families to stay in their homes and this federal program can be of great assistance, but families must act fast to enroll in the program.”

Designed to help homeowners obtain loan modifications with affordable payments, HAMP will be ending as of December 31, 2016. To qualify for an affordable payment modification, homeowners need to contact their bank or mortgage loan servicer and submit an application by December 31, 2016. The application must be submitted by December 31, 2016 but if you qualify and are approved before September 2017, you can still get a HAMP modification.

HAMP has several features that are very favorable to homeowners including interest rates as low as 2% and a $5,000 principal paydown after 5 years. HAMP also sets a limit on the affordable payment at 31% of gross monthly income. You can find out more about HAMP at www.makinghomeaffordable.gov or by calling 888-
995-HOPE (888-995-4673). Links to HUD-certified housing counseling programs are also available on the website or HOPE hotline.

Remember, housing counseling services are always free, regardless of your income. A company that asks you to pay for housing counseling services is most likely a scam. If you feel you have been the victim of a scam.

Please contact the Office of the Attorney General toll free at 1-844-255-9210.

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Raul Torrez

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