| Author |
Message |
|
|
 rogeralbion
Joined: 06 Aug 2009
Posts: 1
1.67 Dollars($)
|
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
|
|
|
elnoralittle
Community Expert
Joined: 01 Oct 2008
Posts: 285
Location: Maryland
26.35 Dollars($)
|
Posted: Thu Aug 06, 2009 4:33 am Post subject:
|
 Like 0
 Dislike 0
|
|
I am in the process of doing it now. I, unfortunately, am upside down 100k on my home. At the time, the adjustable rate made sense for me. Now, I can't refi.
Wells Fargo sent me the docs on HAMP out of the blue one day and I thought that it was worth a shot.
It can work one of several ways.
First you apply and provide all your financials to the bank.
Then they review the docs....does this borrower need this?
If your debt compared to your income was very high and/or you are in an 'at risk' loan, and/or your are upside down unable to refi...this program was designed for you.
People's circumstances change everyday. While we try to prepare for them, very few were prepared for the housing down turn, especially on the value of their homes. HAMP trys several different scenerios to keep you in your home. They could lower your rate to something crazy like 2%, if that makes it work, in some cases, they will even shave off a portion of your mortgage.
There are certain criteria the borrower needs in order to be eligible
1. it must be your primary residence, 1- 4 units
2. there must have been a change in your financial circumstances..hardship from job loss, iminent increase in your mortgage from an adjustable rate, or taxes that will eventually cause this hardship.
3. the unpaid portion of your residance must be under 729750..if you have more than the one unit, this may increase
4. you could not of modified your mortgage under HAMP before, this is a one time shot.
5. The mortgage you are trying to refi had to be originated before 01/09 and the program is only good through 12/12
a good thing about this program too, this may have late fee forgiveness. This is to help people that have been late, or NOT have been late.
Many of the programs before were for those that were late on their mortgage and those of us that have remained current, lost out.
It's a long process though, so don't expect it to be a 30 day thing.
Good luck!
_________________
Elnora Little
First Home Mortgage
First in Customer Service!
301-437-5605 |
|
|
erickinney01
Joined: 02 Aug 2009
Posts: 51
0.00 Dollars($)
|
|
|
colin montfort
Guest
|
|
|
christinehynes
Joined: 05 Sep 2009
Posts: 72
Location: Orange County, California
12.58 Dollars($)
|
|
|
Mortgage Forums 
