Posted on: 06th Aug, 2009 01:15 am
Hello,
Anyone heard of The HAMP Guide Program? I am looking at modifying my loan on my own and this one seems the best so far. They have unlimited phone consultations and seems to have covered President Obama's modification plan in their guide. Just wanted to know if anyone has used the guide before?
Thanks
:?
Anyone heard of The HAMP Guide Program? I am looking at modifying my loan on my own and this one seems the best so far. They have unlimited phone consultations and seems to have covered President Obama's modification plan in their guide. Just wanted to know if anyone has used the guide before?
Thanks
:?
I haven't used this program myself, Roger but I have heard that Home Affordable Modification Program introduced by the Obama Government is a good one to help borrowers who are upside down in their mortgage payments. To know about this program, check out the given link:
http://www.mortgagefit.com/problems/homeaffordable-modification.html
http://www.mortgagefit.com/problems/homeaffordable-modification.html
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!
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!
The Home Affordable Modification Program is a key component of the Making Home AffordableSM Program announced on March 4, 2009 under the Obama Administration's Homeowner Affordability and Stability Plan.
The Home Affordable Modification Program will expire on December 31, 2012.
The Home Affordable Modification Program creates a defined loan modification process through which borrowers who are in default, at risk of imminent default, or in foreclosure can have their loans modified to a more affordable monthly payment targeted at 31 percent of their monthly gross income.
The Home Affordable Modification Program will expire on December 31, 2012.
The Home Affordable Modification Program creates a defined loan modification process through which borrowers who are in default, at risk of imminent default, or in foreclosure can have their loans modified to a more affordable monthly payment targeted at 31 percent of their monthly gross income.
I am using the HAMP guide program to negotiate with my mortgage lender for a loan modification. I love the tips and guidelines on how to talk to banks and lenders. This book is the best I have come across so far. I will keep you guys posted on how my modification goes along.
There is HAMP and Making Home Affordable plus more programs out there to qualify for a loan modification. I get calls everyday when people try the loan modification themselves and are denied as statistic show it is more likely to happen then not. Dont be discourgaged as it is worth a try. If you find that your bank does not give you an answer within 2 months, as most try to drag it out 9 to 12 months then find an Attorney Loan Modification Company to help you. There are reputable ones that offer 100% money back guarantee and get the job done quick and much better results since they know what to negotiate.
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