Real Estate in West Orange
Marsha Bowen Washington

Making Home Affordable Government Loan Modification Program will Sunset December 31st 2016

Government modification programs will come to an end in a few weeks.  HAMP which stands for Home Affordable Modification Program assisted over 2 million distressed home owners between 2010 to now.


This program which offered distressed homeowners loan modification based on 31% of income with a variable rate starting as low as 2% for the first five years from participating lenders and servicers.  This program also included UP which would give distressed homeowners who are unemployed due to no fault of their own, up to 12 months of mortgage payment relief.


  • Homeowners must submit an Initial Package on or before December 30, 2016 to be considered for HAMP Tier 1 or HAMP Tier 2.
  • Effective September 1, 2016, servicers are no longer required to proactively solicit nor to satisfy the Reasonable Effort standard with respect to any homeowner who becomes eligible for HAMP after September 1, 2016.
  • Servicers are required to suspend a scheduled foreclosure sale when a homeowner submits, no later than midnight of the 7th business day prior to the scheduled sale date, a request for HAMP consideration in the form of an Initial Package or a Loss Mitigation Application.
  • In order for a homeowner to be eligible for UP, the servicer must offer the homeowner a forbearance plan under the program on or before December 30, 2016
  • The servicer is not required to suspend a scheduled foreclosure sale in order to evaluate a homeowner for HAMP if the homeowner submits an Initial Package after December 30, 2016. 

For more information on government programs and options to avoid foreclosure, click here or visit

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About Marsha Bowen Washington

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Marsha Bowen Washington

Realtor/Sales Associate

973-510-0014973-510-0014 main

Coldwell Banker Residential Brokerage

2 E. Mt. Pleasant Avenue Livingston, NJ 07039



Marsha was highly professional and knowledgeable about the real estate market. She made me feel very confident that I was in good hands. When I began to feel nervous and stressed, she stepped in and assisted with following up with my lender and attorney to... (more)

5Yetta Armstrong

Marsha Bowen Washington is the real deal! She's knowledgeable, friendly, patient, committed, and caring. My real estate venture was very challenging and Marsha stuck with me throughout the whole process even though I extended my search outside of her... (more)


if Marsha had anyother skills besides real estate, my husband and I would use her in those areas as well. She has such calmness that the worst clamity, seems nothing when she is dealing with things. It was the most effortless journey and a pleasure working... (more)

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