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dcdonsooner · Joined: 16 Dec 2009 Posts: 2 1.66 Dollars($)

I need help as soon as possible. I am working with Homeq Servicing. I have applied for HAMP twice and been denied for the same reason which I do not understand based on your response the lady above. Here is my situation, my current gross monthly income is 7612. My monthly payment currently is 2402 not including homeowner association dues. When I take 31% of my monthl gross salary, it comes to 2359.72. Based on that information, I know by a little, but my monthly payment is more than 31% of the monthly gross income. All I need is a small adjustment with no interest rate changed. why do I not qualify for HAMP. In all of the informaiton that I have read, it did not say that you that your monthly payment had to over a certain amount of 31%, it just says 31%. Why does Home sercicing keep denying me? Please help me to understand

savior70 · Posted: Thu Dec 17, 2009 4:36 am Post subject:

Hi,

If your monthly gross income is $7612 and you currently pay about $2402 on the mortgage, your mortgage payments do take up more than 31% of your gross income. In such a situation, you may qualify for the Home Affordable Modification Program (HAMP). But there are various other factors that your lender will look into before offering you the modification (for instance, you need to show enough income to afford the modified payments). Whether you should qualify for the HAMP also depends on the value of your home and the characteristics of your mortgage. You ought to ask for a written explanation from your lender as to why they think you do not qualify for the modification program.

Posted: Thu Dec 17, 2009 11:40 am Post subject:

Thanks so much. This is exactly what my argument was with Homeq Servicing. The only letter that I recieved indicated that I do not meet HAMP guidlines because my mortgage payment is not 31% of my monthly gross income. I think you are correct. I am going to write asking them to give me a detailed explanation as to why I was denied twice for the same reason. Sadly, they plan to auction off my home on soon. thanks for the advice.

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