$729,750 limit for HAMP?

Spensky · 10-15-2009, 03:25 PM

First post here - just coming up to speed on the various options and programs, so please forgive my ignorance.

I see that I'm not eligible for the Home Affordable Modification Program because my first mortgage balance is $747,XXX. Is there a way around that limit? Loan is with Citimortgage.

Evan Bedard · 10-15-2009, 03:34 PM

Hi Spensky welcome and thank you for joining.

Quote:

First post here - just coming up to speed on the various options and programs, so please forgive my ignorance.

I see that I'm not eligible for the Home Affordable Modification Program because my first mortgage balance is $747,XXX. Is there a way around that limit? Loan is with Citimortgage.

Yes that limit is only for the HAMP and MHA mod programs. You can still request a traditional "in-house" modification that does not have this limit. Plus we have found that the HAMP prgram is not really working anyway...

Spensky · 10-15-2009, 03:57 PM

Thanks for the welcome!

Is there a good post for me to read and learn about in-house modifications?

Evan Bedard · 10-15-2009, 04:18 PM

Quote:

Thanks for the welcome!

Is there a good post for me to read and learn about in-house modifications?

Not really, it is pretty much just a regular loan modification without as many strict guidelines. It seems most people get into the MHA and HAMP programs because they request to do so...

otisanddinga · 10-15-2009, 05:38 PM

Hi Evan,

do you still qualify if you have a 2nd? I have a 1st @ $699k and a heloc @$45k?
Thanks...

jakelabry · 10-16-2009, 05:46 AM

Quote:

Originally Posted by otisanddinga

Hi Evan,

do you still qualify if you have a 2nd? I have a 1st @ $699k and a heloc @$45k?
Thanks...

Since HAMP is only for first mortgages less than or equal to 729K, then you should be okay.

Evan Bedard · 10-16-2009, 09:04 AM

Thank you jakelabry, yes the guidelines are only for your first mortgage..

otisanddinga · 10-16-2009, 09:09 AM

what about the second lien mod program under HAMP called 2mp? THX

Evan Bedard · 10-16-2009, 10:55 AM

Quote:

what about the second lien mod program under HAMP called 2mp? THX

Yes there is that, but i have not seen one homeowner get approved for that..

otisanddinga · 10-16-2009, 10:59 AM

evan, should we start a blog for this? sounds misleading to the public...a lot would benefit. thx

Nosyb · 11-14-2009, 07:13 AM

I'm applying with Chase for the HAMP program but my balance is currently 740K, the file is currently in underwriting and they already did a BPO on my house. Base on the balance will I be denied? Can the bank issue a write off forbearance to take the loan down to 729K to meet the guidelines? Has anyone that owed more than 729K on the first been able to be modified by the HAMP program?

Sunbeam · 11-14-2009, 04:08 PM

Nosby, you may not be eligible for HAMP, but as Evan stated earlier, you may qualify for an "in-house" traditional modification from Chase....if they deny your HAMP, ask for traditional mod....what is your DTI right now, gross income to mortgage+tax+insurance+HOAs?