GMAC HAMP Modification

[LA_tokoloshe]

Hello everyone,
I have spent the last 2 nights researching on this forum about modifications. Thanks to all of you for all the information! Here is my situation:

First loan - GMAC - $620,000 @ 6.25 30 yrs fixed - current (although I have to pay on the 15th of the month for the last little while). Payment is 3800 per month, plus 600 taxes and insurance
Second loan at 7.375 with Amtrust
Bought the home for 720k in 2004 and it is worth about 475k (zillow) or 550k (assessor's office)

My wife's income dropped lower a few months back and I am now down about 50% from earlier this year.

I qualify the "screening" for the HAMP plan based on looking at the criteria available on the web. I contacted GMAC and downloaded their financial evaluation package and have filled it out.

I would like to know if the cashflow analysis section is used at all in the HAMP plan, specifically the mysterious NPV test. I understand that the cashflow section mattered for non-HAMP modifications, but I cant find any information as to if or how that factors into the HAMP plan. Does it at all? I would like to know because there is some flexibility in the monthly, depending on how I average things like gas or food (2 weeks vs 2 months vs 6 months) and I would like to present my situation in the best light.

Together we bring about $10,000 per month GROSS, and have $9,200 in monthly expenses - obviously we are at a net loss and our savings are down to about 6k.



Any input would be appreciated!