Posted on: 18th May, 2010 02:16 pm
Hi Cliff, my company recently closed, im collecting unemployment and im applying for the H.A.M.P. with wells fargo. I have 75,000 saved up in my money market account, will they denied me for having that money? Thank you.
Hi americo,
Your financial condition will be judged by the lender before he gives you a loan modification. If the lender finds that your financial situation is sound enough and you would be able to afford the loan payments, then he won't modify your loan. If you can convince the lender about your financial hardship, you can get your loan modified.
Thanks
Your financial condition will be judged by the lender before he gives you a loan modification. If the lender finds that your financial situation is sound enough and you would be able to afford the loan payments, then he won't modify your loan. If you can convince the lender about your financial hardship, you can get your loan modified.
Thanks
The federal HAMP guidelines will determine if you are eligible for a loan modification. The funds you have available in the bank may have an effect on your mod application, but it is a hardship determination that has many different factors.
If you would like to learn a little more about your eligibility for a mod under the HAMP guidelines, please visit "www.hampmod.org".
If it is determined that you are not eligible for a mod under the HAMP guidelines, it may still be possible to qualify for a loan mod under Wells 'in house' mod program.
[Link deactivated as per forum rules. Thanks.]
If you would like to learn a little more about your eligibility for a mod under the HAMP guidelines, please visit "www.hampmod.org".
If it is determined that you are not eligible for a mod under the HAMP guidelines, it may still be possible to qualify for a loan mod under Wells 'in house' mod program.
[Link deactivated as per forum rules. Thanks.]