1. Home needs to be primary residence and nor investment property.
2. Mortgages need to be owned or insured by Freddie Mac or Fannie Mae.
3. Regularity in mortgage payments for past 12 months with a default not exceeding 30 days.
4. In addition to existing mortgagor, new mortgager could be added to the HAMP mortgage.
5. Any missed monthly mortgage payment should not have been intentional in nature.
6. The home on which mortgages are to be modified needs to be your only home.
7. Ownership on account of death or divorce need to be well supported by legal paperwork.
8. The applicant should have owned the home for at least 12 months and paid 4 mortgage installments on time during the said time period.
9. As required by Home Affordable Modification Program rules and regulations, existing mortgage payments need to be more than 31% of your gross monthly income.

There could be numerous benefits which borrowers can take advantage of by applying for a FHA loan modification under HAMP. For example, the current home values may not considered at all and FHA loan modification applicants are not required to undergo the Net Present Value Test (NPV) which applies to all other home loan modification as per the federally backed home affordable modification program guidelines. Remember, if borrowers do not pass the NPV Test, they are not entitled to get their home mortgages modified. But in this case, as no NPV Test is involved, existing home values are not appraised. Another important consideration is that you can take advantage of the FHA modification plan even if your credit reputation is bad as there is no minimum credit score required. However, in order to verify whether you have recurring monthly debts, your credit rating could be questioned.

All the government assisted stop foreclosure schemes would continue until the end of 2011. Therefore, if you are already faced with mortgage payments, it could be vital for you to seek expert help and increase your chances of getting approved for various programs provided under HAMP.

Hence, to get more useful information on the HAMP or Bank of America loan modification requirements and process, it is hereby recommended to utilize the professional services offered by reputed online service providers like LoansStore.