Loan mod

Date: Tue, 01/18/2011 - 23:03

Submitted by James Meredith
on Tue, 01/18/2011 - 23:03

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Total Replies: 2

I am trying to get a loan modification from my bank and currently don't have a mortgage payment I can afford and trying to get the bank to lower my payments. How do I know if I qualify based on the banks criteria or qualify for the HAMP program? Thank you

Hi! Welcome to the forums! You should contact your nearest bank

Hi!
Welcome to the forums!
You should contact your nearest bank. They'll be able to tell you whether or not you can qualify for a loan modification program. However, the general criteria for HAMP is given below:

1. You are around/more than/less than 60 days delinquent on your mortgage payments
2. You can prove that you're going through financial hardship
3. Your monthly housing expense ratio is more than 31% of your gross monthly income
4. The property is your primary residence
5. Your total loan amount is around/less than $729,750
6. You've taken out the loan prior to January 1, 2009
7. The property is single family 1-4 unit property

lrhall41

Submitted by Good Nelly on Tue, 01/18/2011 - 23:25

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Apart from what Nelly has mentioned, there are some other criter

Apart from what Nelly has mentioned, there are some other criteria which you should keep in mind when you apply for HAMP:
1. The property should not have much equity in it.
2. The property should not be the second home or vacation home.
3. The property should be occupied by the borrower.
4. It can be a detached home, duplex, triplex, mobile home or condominium, etc.

lrhall41

Submitted by Anna Sweeting on Wed, 01/19/2011 - 02:14

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