The first step to a successful mortgage modification is to determine which type of modification you qualify for. Take a few moments to answer these simple questions to find out which modification program is right for you.
HAMP Pre-Qualifying Questions
Is your home your primary residence?
Is the amount you owe on your first mortgage equal to or less than $729,750?
Did you get your current mortgage before January 1, 2009?
Is your payment on your first mortgage (including principal, interest, taxes, homeowner’s insurance, and HOA dues) more than 31% of your current gross income?
If your answer to all of these questions is “Yes,” you qualify for a HAMP modification!
Traditional Hardship Modification Pre-Qualifying Questions
Do any of these circumstances apply to you?
Behind on mortgage payments
Struggling to keep up on the mortgage payments
Little or no equity
Home value upside down
Can’t qualify for a refinance
ARM that just adjusted and payments are now unmanageable
Headed to foreclosure
Then you may be eligible for a traditional hardship modification. These modifications are awarded based on hardships you may be suffering, and which are affecting your ability to make mortgage payments, such as:
Illness of Spouse, Co-Borrower, or other close family member
Medical Bills on the mortgage payments
Loss of Job
Death of Spouse, Co-Borrower, or other close family member
Child Support/Alimony Payments
Damage to Property (natural or unnatural disaster)
Property Problem (Anything defective about the property like repairs that are needed)
Excessive Financial Obligations (Examples : credit card debt or college tuition payments)
Inability to Sell or Rent the Property
Ownership Transfer is Pending ( If the home is in the process of being sold)
Tenant not Paying
FLEX MOD OPTIONS
The Flex Mod Options (not program names that a servicer would necessarily recognize) are designed to utilize HAMP’s basic back-end rate, term and NPV calculations while allowing for more flexible eligibility criteria, tolerances and variances.
There is no restriction on when the loan was originated
The property securing the loan doesn’t have to be the borrower(s)’ primary residence or be currently occupied
The Unpaid Principal Balance (UPB) of the loan can be more than the usual limit set for the Property Type (e.g. $729,750 limit for a Single Family Residence)
The current monthly payment CAN be lower than 31% of the borrower(s)’ gross income
The new loan terms do not need to result in at least a 6% reduction in the borrower(s)’ monthly payment
The resulting LTV ratio of the new interest bearing balance compared to the new Estimated Market Value of the subject property can be as low as 80%
Since the Flex Mod Options may not be HAMP eligible, the model excludes any Servicer Incentives
If you are experiencing any of these hardships in addition to difficulty making mortgage payments, don’t wait any longer–call us today and take control of your situation!