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Guest

Does any one know how HAMP is calculated, if you do can you provide an example?

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savior70 · Posted: Wed Aug 26, 2009 3:25 am Post subject:

Hi Joe,

The HAMP aims at reducing your monthly mortgage payment in such a way that your front end DTI ratio is reduced to 31% of your gross monthly income. To achieve this, your lender can either reduce the interest rate or can extend the term of your loan.

You can use the following payment reduction calculator to determine how much your mortgage payment could be lowered under the HAMP :

"http://makinghomeaffordable.gov/payment_reduction_estimator.html"

For instance, if your monthly payment on the primary mortgage, inclusive of taxes, insurance and homeowners association dues etc. is $1500 and your gross monthly income is $3000, your new monthly payment under HAMP will be $930 and you will save about $570 per month.

Guest

If my payment is 1200.00 each month and our gross is about $4000.00 a month. Just so many bills have put me behind. Will we qualify?

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

hi,

A loan modification program introduced in 2009 to promote stability in the housing market.HAMP was aimed at helping homeowners who were devoting more than 31% their of gross income toward mortgage payments. Eligible homeowners can receive adjustments to the mortgage principal, interest rate or payments in order to get the percentage of income going to payments below 31%.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

"Eligible homeowners can receive adjustments to the mortgage principal, interest rate or payments in order to get the percentage of income going to payments below 31%."

Principal? How does this work - do they way off some of the principal debt if your payment ratio is too high? sounds a bit too good to be true to me...borrow too much for your income and the govt pays some of it off for you? surely not.....

Guest

As I understand it, the goal is to get payments under 31%. Is this housing payments alone? Under 31% of gross income?

savior70 · Posted: Sat Nov 21, 2009 5:42 am Post subject:

Hi,

The aim of the HAMP is to help the homeowners to bring down their mortgage payments in such a way that it does not take up more than 31% of their gross monthly income. It does not take into account your payments on other types of debts like credit cards, etc.

Guest

If my groos is 8100 and my mortage is 5441 with ythe HAMP program how much will Ibe paying.

christinehynes · Posted: Mon Dec 07, 2009 4:19 pm Post subject:

Stella,

31% of your gross at 8100 would put your payment at $2,511 monthly. Keep in mind there are other factors that go into a HAMP loan such as how much you owe on the property (cannot owe more than $729,750)

Guest

My gross income for month is $2500.My net is $1960.My mortgage was $1114 month with 6.5 interest rate.Under HAMP Wells Fargo gave me $1006.64 month mortgage with 4.67 interest rate.ONLY $114 LESS PER MONTH. I cant afford that.Bank said if i dont take it than they dont ahve anything else for me.Is that what it suppose to be? pls can someone advice me.I am a divorced mom and cant afford attorney fees.Need your help please!!! email me "avongirl411@yahoo.com"

[Email address deactivated as per forum rules]

Posted: Thu Dec 10, 2009 8:58 am Post subject:

That is probably all you can do. You can short sale your home or foreclose but there is no other way to reduce your payment at this time. We have short sale experts if you need one to talk to. I am sorry to have to reply to you like this and it is not good news.

jenkin7 · Posted: Tue Dec 22, 2009 2:32 am Post subject:

Hi nancy,

Under the HAMP, lenders are expected to reduce the interest rate by around 2%. The interest rate on your mortgage has been reduced from 6.5% to 4.67, which is not bad at all. But given your current financial situation, you are not being able to afford the modified payments. I am not sure if the lender will offer you any other modification plan. I am afraid you may have to leave the property if you fail to make the mortgage payments. In case you leave the home, you can go for either a short sale or a deed in lieu of foreclosure.

Guest

if i am behind on a payment and trying to modify loan but thresten with foreclosure so havent made another payment i dont know where i stand should i take the payment if trying to modify loan

Posted: Thu Feb 18, 2010 6:29 pm Post subject:

if i am trying to modify my home loan but behind on one payment i know i cant catch up should i still keep making the payments

savior70 · Posted: Fri Feb 19, 2010 7:00 am Post subject:

To may,

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