Thank you for the additional information. No, you may not be required to live in the home, as the requirements for the HAMP program have expanded. In an effort to continue to provide meaningful solutions to the housing
crisis, effective June 1, 2012, the Obama Administration expanded the population of homeowners
that may be eligible for the Home Affordable Modification Program to include:
Homeowners who are applying for a modification on a home that is not their primary residence, but the property is currently rented or the homeowner intends to rent it.
Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lower.
Homeowners who previously received a HAMP trial period plan, but defaulted in their trial payments.
Homeowners who previously received a HAMP permanent modification, but defaulted in their payments, therefore losing good standing.
As such, when you apply for the program through BOA you will likely be asked to disclose the status of the home and if you intend to occupy it as your primary residence or if it is a rental Any terms, conditions or restrictions, would clearly need to be stated in the modification, that you agree to.
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