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Do I qualify for a HAMP loan modification to keep my house?

Looking for some help regarding, foreclosures, modifications, or short sales? Give me a call on my cell phone 216-324-6637. Maybe I can help you or direct you to someone who can.

I got the information on this blog post from the Making H0me Affordable FAQ.

If you can say yes to all these questions you maybe you will qualify for the Making Home Affordable Home Ownership Modification Program (HAMP).

1. Do you own and live in a residence with less than 4 units? The don’t want to bail you out if you were trying to make some profit.  Go file bankruptcy if you are an investor.

2. Is your current balance on your home loan less than $729,750 if you have 1 unit, less than $934,200 for a double, less than $1,126,250 for 3 units and less than $1,403,400 if your property is 4 units? Well it looks likes like in the case of peopel it is impossible to be to big to fail… just to small to fail.

3. Did you take out your mortgage before January 2009? O.K.  This requirement is an effort to cut out fraud.

4. Is your current monthly payment must be greater than 31% of your monthly pre-tax income? As far as they are concerned if you make 3 times your payment and can’t make your payment then you need to cut something else out of your life.  Which generally makes sense.
5. Do you have a documented financial hardship that has caused you to not be able to afford your payment?  (i.e. divorce, loss of income, sickness, etc.)
My favorite part of this is “Only your servicer will be able to tell you if you qualify.”  So call your servicer.  Unfortunately you can meet many of the requirements but your servicer holds the keys.  Often even with the special government incentives your servicer has little motivation to work with you.

If you appear to qualify but your servicer turned you down for HAMP don’t give up.  Try resubmitting a HAMP request using a local non profit HUD approved agency to help you with your request.  You should definately be reading through the http://MakingHomeAffordable.gov website so that you can be fully informed about the government options and can make an informed request of your lender.  Many times the people working at your lender are not properly trained on the latest regulations.  Ultimately your rock solid determination to make your modification work might be the deciding factor.  It’s your home and you will have to all the stops out yourself including sending Fedex packages to the servicer CEO, calling your local politicians and writing to the newspaper and TVstations.  You have to do what ever it takes to get your bank to respond.  Don’t give up.

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Andy Morris is an Ohio real estate broker with an expertise in selling homes on a short sale. If your Ohio home is heading towards foreclosure or you owe more than your property is worth, please call Andy at 888-4-STOP-IT to see if you qualify for a short sale with your lender.  Are you not in my area?  His foreclosure answer service is free to you as well!

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