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What is the criteria for hamp qualification

Posted on: 02nd Oct, 2009 04:57 pm
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.
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 We don't qualify for loan changes when we are current on our loans, but as soon as we are no longer current, our credit problems make it unlikely for us to qualify for loan changes.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.

[Link deactivated as per forum rules. Thanks.]
Posted on: 02nd Oct, 2009 05:28 pm
Thanks for the info!!! Sounds like I'm out of luck :(
Posted on: 03rd Oct, 2009 07:33 pm
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.
Posted on: 03rd Oct, 2009 10:03 pm
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.
Posted on: 01st Jun, 2010 11:07 am
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
Posted on: 01st Jun, 2010 11:16 pm
I am confused about the Date to qualify. My original loan starts April,2009 . Am I qualify for HAMP loan?
Posted on: 01st Oct, 2010 04:34 am
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.
Posted on: 03rd Oct, 2010 11:31 pm
Is there a maximum amount that can qualify under the Hamp plan? I have a mortgage above $1 miilion. :?
Posted on: 13th Jan, 2011 03:07 pm
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.
Posted on: 13th Jan, 2011 10:26 pm
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 refinance, 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.
Posted on: 19th Jan, 2011 02:42 pm
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..
Posted on: 23rd Mar, 2011 11:29 am
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
Posted on: 23rd Mar, 2011 11:01 pm
Posted on: 24th Mar, 2011 11:37 am
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