hamp mod if more than 12 months behind?

[ambobcc]

Was told by BofA that i would not be considered for Hamp if I was more than 12 months behind in payments. I found information regarding this for FHA loans, but does anyone know if this is true for non-FHA loans. I know Fannie mae is investor, but not a FHA loan.

[Evan Bedard]

Yes I do not see anything in HAMP guidelines that state you cannot qualify for HAMP if you are twelve months behind on your mortgage.. To be eligible for HARP you cannot have missed a payment in the last twelve months, but HAMP is completely different.. Maybe the person you spoke with was confused about what they were talking about..

This is straight from HAMP guidelines:

The mortgage loan is delinquent or default is reasonably foreseeable. Loans currently in foreclosure are eligible.

[Cat Damiano]

ambobcc,


Since the loan is backed by Fannie Mae, the Handbook for the NON GSE mortgages wouldn't apply to your situation, however, the information given for the NON GSE backed mortgages would be similar for the default.

Does your scenario fall under the following Question and Answer, because, like Evan, I was unable to find anything other than this that would support being unable to apply for HAMP being more than 12 months in default?

If a borrower is delinquent and currently has a front end monthly mortgage payment ratio less than 31 percent, but capitalization of the delinquent amounts will cause the monthly mortgage payment ratio to exceed 31 percent, does the borrower qualify for HAMP?

No. The borrower will only qualify for HAMP if the verified income documentation confirms that the monthly mortgage payment ratio prior to the modification is greater than 31 percent and provided that the borrower is eligible for at least a 1/8th percent drop in the interest rate without the modified monthly mortgage payment ratio going below 31 percent.


Here is the fact sheet for Fannie Mae;

https://www.efanniemae.com/sf/servic...tfactsheet.pdf