If you have a monthly mortgage payment that is greater than 31 percent of your household gross income–whose isn’t these days?–then you may qualify for a HAMP modification even while you are in bankruptcy. In order to qualify the following elements must be present:

1. Your mortgage must have been obtained on or before January 1, 2009;
2. The mortgage has to be on your primary residence;
3. Your primary residence needs to be a one to four unit dwelling;
4. Your real mortgage payment, as in mortgage, insurance, taxes and HOAs combined, must be more than thirty-one percent of your gross monthly income;
5. You must owe $729,750.00 or less on your first mortgage for a one unit property. The limits go up about $200,000 per unit for multiple unit properties.
6. You must have a documented financial hardship.

In order to start the process, homeowners must submit an initial package to their mortgage servicer.

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