Posted on: 15th Jun, 2010 06:54 pm
We have been dealing with Naca and Bank of America , We were told that we we would be going to underwriting, for the Hamp Program, we have a fha loan . Does anyone know how this process work and how long should this process take ? Our gross 4669.00 take net 3493.32 HOA dues are 300.00 yearly. We were told that our payment would be 1100.00 by NACA and then we were told 1487.00 our current payment is 1898.00 does anyone know how much the payment would be and how long does it take for underwriting for the hamp program.
Well your lenders and the government is working to try to get you a mortgage payment that is around 31% of your monthly gross income. In your case it would be a payment of around $1447.39, so it that figure is usually what they aim for. Plus, if your are past do, and you probably are, it will bring your current. The process has been averaging around 60 day, but each lender is different, I have witnessed much short time frame than that, and longer time frame too. So it depends on your personal documents and your lenders progress, but underwriting should be much quicker. I hope this help some. I am an expert in the mortgage review process and blog about it quite often, the site link is below.
Hi camallesbaby,
It will take quite some time in order to complete the HAMP process. The lender will take into account various factors before he helps you with HAMP. As far as the payments are concerned, it will depend upon your current mortgage payments and the delinquent amount plus the late fees. You can get in touch with your lender who will help you in knowing the amount.
Thanks
It will take quite some time in order to complete the HAMP process. The lender will take into account various factors before he helps you with HAMP. As far as the payments are concerned, it will depend upon your current mortgage payments and the delinquent amount plus the late fees. You can get in touch with your lender who will help you in knowing the amount.
Thanks