Are You Qualified?
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?
- Are you behind on your mortgage payments?
- 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
- Loss of Job
- Job Relocation
- Reduced Income
- Failed Business
- Death of Spouse, Co-Borrower, or other close family member
- Divorce/Marital Separation
- Child Support/Alimony Payments
- Military Duty
- Damage to Property (natural or unnatural disaster)
- Property Problem (Anything defective about the property like repairs that are needed)
- Tax Liens
- Increased Expenses
- Excessive Financial Obligations (Examples : credit card debt or college tuition payments)
- Inability to Sell or Rent the Property
- Tenant not Paying
- Ownership Transfer is Pending ( If the home is in the process of being sold)
- Social Security
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!