FHA-HAMP Eligibility - FHA Streamline Refi (August 2009)

[joejoebk]

Would a Streamline refi after Jan. 1, 2009 preclude eligibility to receive a HAMP modification? If so, what other alternatives may be available given the following scenario?

I purchased my house in March of 2008 with an FHA mortgage through Countrywide.

In August of 2009 I completed an FHA Streamline refi through BofA.

- At the time of the refi I was on short-term disability (STD) from a car accident.

As my disability has not improved, I am on long-term disability (LTD) and having a difficult time making my current mortgage payment.

- Based on my LTD income, my monthly payment (P&I, Tax, HOA) is slightly more than 50 percent of my gross monthly income.

Thanks for any help!

[Evan Bedard]

In August of 2009 I completed an FHA Streamline refi through BofA.

- At the time of the refi I was on short-term disability (STD) from a car accident.

As my disability has not improved, I am on long-term disability (LTD) and having a difficult time making my current mortgage payment.

- Based on my LTD income, my monthly payment (P&I, Tax, HOA) is slightly more than 50 percent of my gross monthly income.

Welcome and thanks you for joining the forum joejoe.

Unfortunately, since the refinance was after January 1, 2009 you will not be eligible for HAMP. But that absolutely does not mean you cannot qualify for a loan modification. HAMP is only one program servicers offer and for those who do not qualify they have their own in-house loan modifications which many times have the same great results as HAMP.

[Cat Damiano]

Here is the eligibility guidelines for an in house FHA modification as well as other loss mitigation options available to you on an FHA loan.

http://portal.hud.gov/hudportal/docu...d=nsclmfaq.pdf

FHA-Insured Mortgages

The Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD), is working aggressively to halt and reverse the losses represented by foreclosure. Through its National Servicing Center (NSC), FHA offers a number of various loss mitigation programs and informational resources to assist FHA-insured homeowners and home equity conversion mortgage (HECM) borrowersfacing financial hardship or unemployment and whose mortgage is either in default or at risk of default.

• Click Here to log onto the NSC Loss Mitigation Programs home page.
• Click Here for answers to Frequently Asked Questions about FHA’s loss mitigation programs.

CONTACT FHA

FHA staff are available to help answer your questions and assist you to better understand your options as an FHA borrower under these loss mitigation programs. There are several ways you can contact FHA for more information, including:

• Call the NSC at (877) 622-8525
• Call the FHA Outreach Center at 1-800-CALL FHA (800-225-5342)
• Persons with hearing or speech impairments may access this number via TTY by calling the Federal Information Relay Service at (800) 877-8339.
• Email the FHA Resource Center
• The Online FHA Resource Center