Posted on: 01st Jun, 2010 11:03 am
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.
Hi TOMMY,
The bank will take into consideration all your expenses while considering you for a Home Affordable Modification Program. Your mortgage expenses are a part of your total expenses.
Thanks
The bank will take into consideration all your expenses while considering you for a Home Affordable Modification Program. Your mortgage expenses are a part of your total expenses.
Thanks
U said that they 'will take all bills into consideration", however my bank said that they DO NOT take into account any bills other than the mortgage.
Anyone know where the guidelines are that state they MUST take into account all bills so I can go hang them with that ?
Anyone know where the guidelines are that state they MUST take into account all bills so I can go hang them with that ?
I agree with what James had said. You should contact the lender and ask him to clarify the whole issue. This will help you know whether or not all your bills would be taken into account.
Good luck getting any bank to clarify the HAMP process. I've been dealing with Andrea Risotto at Treasury (Treasuries point person) & a Pamela Barrow at Freddie Mac (a director) and between Chase, Freddie Mac and the Treasury Dept, I cannot get a straight answer from them regarding the metrics or the math behind qualifying me for a HAMP loan mod. Treasury bounces it back to Freddie Mac, Freddie Mac bounces it to Chase, and back and forth the ball bounces w/nobody taking resposibility for it
I'm going to the NACA event here in Los Angeles. I'm hoping they've got a little more pull w/the banks. My Debt to income is around 67% as per the HAMP guidelines and my income loss is about 240% since I originated this loan back in 2007. I'm a prime candidate for the HAMP program. Even a HUD counselor said so. But basically Freddie Mac is the stick here that won't authorize my HAMP because, and I quote, I'm not dead...my spouse isn't dead, or I'm not disabled or sick. Nice huh?
I'm going to the NACA event here in Los Angeles. I'm hoping they've got a little more pull w/the banks. My Debt to income is around 67% as per the HAMP guidelines and my income loss is about 240% since I originated this loan back in 2007. I'm a prime candidate for the HAMP program. Even a HUD counselor said so. But basically Freddie Mac is the stick here that won't authorize my HAMP because, and I quote, I'm not dead...my spouse isn't dead, or I'm not disabled or sick. Nice huh?