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What is the criteria for hamp qualification

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.

jefro's picture
jefro | Joined: October 2, 2009 10:12 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Carly,

You don't qualify for HAMP because you haven't missed any payments. I don't know about USB, but you probably don't qualify for a load mod program for the same reason---that is what I have been told by both IndyMac and BofA.

In other words, it sounds like doubletalk. We don't qualify for loan changes when we are current on our loans, but as soon as we are no longer current, our credit problems make it unlikely for us to qualify for loan changes. It is extremely frustrating, especially when the banks take months to respond.

I would suggest talking to the lender and asking very specifically what they will offer to help you to stay in your house. You may have to talk to more than one person, and ask them to consider a forbearance while you work out issues. Make the point clear to them that you are current and a good customer and want to remain so, and make sure they have a very clear hardship letter. (Search on this site for more info about a hardship letter.)

For what it's worth, the official HAMP criteria are these, according to the website at "hmpadmin.com/portal/programs/hamp.html" :

Borrower eligibility is based on meeting specific criteria including:
1) borrower is delinquent on their mortgage or faces imminent risk of default
2) property is occupied as borrower's primary residence
3) mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties.

[size=9:18f2a16bcc][color=Red:18f2a16bcc][Link deactivated as per forum rules. Thanks.][/color:18f2a16bcc][/size:18f2a16bcc]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for the info!!! Sounds like I'm out of luck :(

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jefro's picture
jefro | Joined: October 2, 2009 10:12 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Out of luck is a relative concept these days. It is true that not being able to avoid a blemish on your credit report is unlucky, but to put it in perspective, you are simply caught up in the turbulence of these times, as many of us on this forum are. If you are still current on your loan, you are many, many months away from foreclosure---it's not like the sheriff shows up the day you miss a payment. Some of the stories related in other threads here are much more harrowing.

So take a deep breath, and remember that a number on a credit report is not a measure of your worth as a person. You'll get through this.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I WAS INFORM BY THE BANK VIA A LETTER THAT I DID NOT QUALIFY FOR A HAMP MODIFICATION BECAUSE MY HOUSING EXPENSES IS LESS THAN OR EQUAL TO 31%. BUT MY OTHER EXPENSES ARE HIGH. DOES THE BANK TAKEN IN TO CONSIDERATION YOUR OTHER EXPENSES OR JUST YOUR MORTGAGE EXPENSES.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tommy,

I've given my suggestions in regards to this query at:
http://www.mortgagefit.com/problems/hamp-expenses.html

Take a look at it. I hope it'll help you.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am confused about the Date to qualify. My original loan starts April,2009 . Am I qualify for HAMP loan?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome mona,

As far as I know, in order to qualify for HAMP, your mortgage should originate on or before 1st January, 2009. As you do not meet this criteria, you won't be able to qualify for HAMP.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is there a maximum amount that can qualify under the Hamp plan? I have a mortgage above $1 miilion. :?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome edcowboy,

On a single family home, the maximum loan amount should be an unpaid balance of up to $729,750 in order to get qualified for HAMP.

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ki2's picture
ki2 | Joined: November 5, 2010 08:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you are not behind yet that does not mean your lender will not work with you. You will not qualify under government assistance because of your mortgage amount is over 1 million. If you are struggling and you cannot [url=http://www.mortgagefit.com/refinance.html]refinance[/url], then your other options are to either sell the house, give the house back or increase income or decrease monthly debt. What is the cause of you falling behind? You do not need to be behind in your mortgage payments to get assistance under the HAMP program, however, because you are not behind and would not qualify for government assistance you can ask about a in house modification that your lender may have available to you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you meet the qualification but still get turned down, what are you to do to qualify if they don't tell you what else you need to do to qualify. This is ridiculous..

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

You should contact your lender and ask him to clarify the criteria that you need to fulfil in order qualify for HAMP. He will be the best person to help you in this matter.

Feel free to ask if you've further queries.

Sussane

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ki2's picture
ki2 | Joined: November 5, 2010 08:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Please, don't listen to the person who said you don't qualify because you are not behind. Current homeowners can qualify, it could be that your investor doesn't participate in HAMP, or you may not qualify due to your financial information. You need to find out why you do not qualify, also by HAMP guidelines as of Feb 1st servicers must provide you with a 33 point data sheet to explain why you did not qualify and you also have 30 days to appeal the lenders decision. To know more about this please read my article.

If you have applied for the government Home Affordable Modification Program HAMP, and you got rejected, but had no idea as to why and when you called no one could give you a straight answer, well now servicer’s have to tell you like it is.
A new test called the HAMP test will help borrowers understand why they did not pass. Below are some highlights to this new test.
• The HAMP test determines whether some borrowers receive [url=http://www.mortgagefit.com/know-how/loan-modification.html]loan modifications[/url].
• Servicers must reveal up to 33 test inputs on some mortgages.
• Borrowers have 30 days to dispute the accuracy of the disclosed data.
With this new test and available data to home owners could be a blessing in disguise for some, but I can see how this will add a heavy load to servicers who are already under water with mounds of paperwork. As of Feb 1st, loan servicers are required to send letters disclosing up to 33 key data points as to why they were rejected for the HAMP program. Of course not all loans are required to disclose this information, so not every home owner will be getting this information. This new test falls under the Dodd Frank Wall Street Reform and Consumer Protection Act.
So what are some of the key data points that borrowers may be able to appeal if they feel the information is incorrect? The data will show information about the borrower’s financial situation, home, existing loan and proposed modification. The final decision of course is still left up to the servicer; however it now gives an outlet for borrowers to voice their opinion.
Is there a time line as to when a homeowner needs to file this appeal? Yes, once the data point letter is received borrowers will have up to 30 days during which they can provide in writing what their evidence is to support what they believe is the correct information.
One key component that kicks homeowners out of a loan modification is the current value of the home. The Hamp program calls it the Net Present Value, if a borrower feels the value the lender is using is incorrect they now can appeal this decision, but most have evidence to support their cause.
So where can I test my data? Is there a website I can enter my information and see if I qualify?
Coming in late spring a website being developed by the US Treasury will offer borrowers who want to see the inputs in action will soon be able to run their own practice HAMP tests. This should give borrowers greater transparency and see how changes to the data could affect the results. There are many other factors that will also be considered that will be controlled by the servicer, such as the estimated cost of a modification and the perceived likelihood that the borrower will default on the loan and if foreclosure would be a better option. In the end it will give homeowners a better understanding as to what goes into the HAMP review process.

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