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Originally Posted by davephx  The HAMP program which most of us are looking to requires 3 trial payments based on your gross employee income x 31%. This will probably be the required trial on your 1st mortgage. There are other hurdles like the NPV test but they will run that before approving the trial.
After you make the 2nd trial payment should be sent documents to verify your income etc. But many times the trials go on to 4, 5 or 6 months before reviewed for final modification |
I'm self employed so some months I get paid some months hardly anything so do they take last year's income I filed and divide that by 12? My debt ratio would be like 90% probably. This is just a nightmare trying to figure this whole thing out I'm stressed out. So the HAMP is what that 3 month deal is called where you miss your payments? Sorry for sounding upset I'm just sick of this whole situation how my mortgage is way more than my home value and I feel stuck while at the same time my income has dropped so I've missed a payment for the first time in my life. Where's the help Obama promised? First you have to practically go into foreclosure then beg on your knees and if you're lucky they'll help?