Posted on: 24th Mar, 2010 10:43 am
I filed chapter 13 in 2009, spouse unemployed for 16 months and we are behind 2 months on mortgage. requested hamp thru citibank and they said we do not qualify because we have equity in our home. We also have a second. Is this true or should they have offered us some sort of reduction of payment to help keep the homeowner in the home?
hi guest,
the home affordable modification program (hamp) is primarily meant for those homeowners who are struggling to make mortgage payments on their underwater properties. since you have equity in your home, the lender will not consider you eligible for the hamp.
a regular refinance could have been a better option for you given there's enough equity in your property. but a refinance will not be possible without a stable employment. however, even if you do not qualify for the hamp, you can still request your lender to reduce your mortgage payments under some other modification plan. even though you are not underwater on your property, you can still request for a modification on the ground of financial hardship.
the home affordable modification program (hamp) is primarily meant for those homeowners who are struggling to make mortgage payments on their underwater properties. since you have equity in your home, the lender will not consider you eligible for the hamp.
a regular refinance could have been a better option for you given there's enough equity in your property. but a refinance will not be possible without a stable employment. however, even if you do not qualify for the hamp, you can still request your lender to reduce your mortgage payments under some other modification plan. even though you are not underwater on your property, you can still request for a modification on the ground of financial hardship.