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HAMP Calculator

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davidahen Guest	Posted: Wed Jan 11, 2012 4:30 pm    Post subject: HAMP qualification Like 0 Dislike 0 Reducing my interest rate on my mortgage from 7.37% to something like 5% would reduce my monthly payment by over $400 which would also be less than 31% of gross income. Does having unsecured credit card debt prevent qualification for a loan modification even though the extra monthly cash flow would help make credit card payments easier as well?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Jan 12, 2012 12:36 am    Post subject: Like 0 Dislike 0 Hi davidahen, As far as I know, having unsecured credit card debts won't be an issue when you apply for a loan modification. The fact remains that you will have to convince the lender about your financial hardship in order to qualify for a loan modification. Thanks

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