Posted: Fri Oct 02, 2009 4:44 pm Post subject: question for jessica on hamp
I am a step away from foreclosure--haven't missed a payment yet but will soon. I've contact USB and they told me I didn't qualify for loan modification. I have the same numbers (income/mortgage) as the example on the hamp calculator but USB offered a pre-sale or deed in lieu. I don't get it!
Also, was told by someone you need to miss a payment to qualify for modification and told my another not cuz your credit takes an immediate hit. I am trying hard to keep my credit good. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Sat Oct 03, 2009 5:22 am Post subject: HAMP denied - what to do?
Hi crazycat,
As per the eligibility criteria of Home Affordable Modification program (HAMP), you need not be in default in order to have your loan modified. Those who are at the risk of imminent default can get approval for a loan modification under the HAMP. For instance, if your income has suddenly decreased, then you may be eligible for the HAMP. Or, if your mortgage payments have gone up significantly, then your lender may agree to modify your loan under the Home Affordable Modification Program.
I think USB has asked you to go for a pre-foreclosure sale or deed in lieu of foreclosure just because they couldn't approve you for the modification. Did you provide them with relevant documents of your hardship? Just request them to explain why your loan couldn't be modified.
you have mentioned that soon you will be late on payments. it can happen because of :
1 Sudden increase in monthly mortage payment
2 Sudden decrease in monthly Salary
You specify correct reason of failure in hardship letter. also need to use correct nos for calculation.
One more thing to say, i am unable to uderstand why they are offering DIL as an option to you. Do you have enough equity in your house?
summer Guest
Posted: Thu Oct 29, 2009 10:07 am Post subject: non payment in the trial plan of the hamp program
Hi, I know someone who qualified for HAMP the govt program and had a trial program but he did not make a single payment, I don't know if he received the package signed it and sent it to the lender or he did not receive it but now the modification got rejected,he is 16 months behind on his payments, the lender has advised short sale or reinstate, he wants to modify his loan and keep his home. kindly advice
It would have been better if the person would have paid off some of the dues as per the trial plan. I doubt whether or not the lender would agree to another loan modification. However, it does not hurt to have a word with the lender. You should ask that person to contact the lender and negotiate for another loan modification. If the lender does not agree, then he would have to either short sale or reinstate.
sunnyca2009
