Posted on: 24th May, 2010 01:39 pm
My loan balance is $285,000, p&i = $222. value of home is about $189,000. What income would be required for a loan modification? We are current on our interest only payments of $1760. Thanks!
To be eligible for a HAMP modification, the new monthly mortgage payment, including principle, interest, taxes, and insurance, should not exceed 31% of the gross household income. If your current payment is already less than 31%, you would not be eligible for a loan modification under HAMP guidelines.
For additional information about HAMP eligibility, please visit "www.hampmod.org"
[External link deactivated as per forum rules. Thanks.]
For additional information about HAMP eligibility, please visit "www.hampmod.org"
[External link deactivated as per forum rules. Thanks.]