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kfletcher49@yaho
109 Posts |
 Posted - 10/28/2009 : 10:15:56 AM
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I am working on a mod for a client that is over 12 payments behind and $46K in arrearages. National City has never initiated foreclosure. It is an FHA and most lenders are doing the HAMP for FHA's now. National City is stating that they don't qualify for the hamp program because they are more than 12 months behind and that they don't qualify for a partial PMI claim because it is so far behind, and that they don't qualify for a principal reduction, $66K in the hole, because they are so far behind. Te offered payment is the same as the payment they could not afford.
Where can I find the HAMP guidelines that these lenders are going by? All this does not add up.
Also, would you suggest to the client to do a BK? |
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cindyhulett
589 Posts |
Posted - 10/28/2009 : 12:16:41 PM
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| Wrong, wrong, wrong and wrong. Under HAMP you won't have to come in with up front funds most of the time, if at all. FHA has just recently become a HAMP participant. As such it is incumbent upon the bank to set the borrower up in a trial plan at 31% dti on the gross. Call FHA or call Freddie, since Freddie is the designated overseer of this program. National City is lying to you. |
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kfletcher49@yaho
109 Posts |
Posted - 10/29/2009 : 12:04:45 PM
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OK Cindy, I will call FHA. However, last night I called the HAMP Support Center and was told that you do not qualify for HAMP if you are more than 12 months behind. I will investigate further. Thanks again for your help!
Kathleen |
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