Why was I denied HAMP?????

[simifast]

I wish I found this site many months back but oh well. I'm in the same boat as before anyways. I am with AHMSI and my negotiator is Tonetta. I have been trying for a mod and they said I was approved for the HAMP but then came back and said I was denied. I need a better explanation from them but the loan is for 696,000 5% IO and expires soon. Not late but trying early. She was trying for a 40 yr 2% forbearing about $330,000 until the end of loan but said (I think) it was too much to get it down to 31% of income. I am right around 31% now I think. Now trying for a 30 yr 2% 1st yr, 3% 2nd etc. but soooo much run around. Why didn't I qual for the HAMP? I owe too much? I did leave a message for Jeanne, will she help? Don't want to piss off Tonetta.

[Evan Bedard]

Hi simifast welcome and thank you for joining.

She was trying for a 40 yr 2% forbearing about $330,000 until the end of loan but said (I think) it was too much to get it down to 31% of income. I am right around 31% now I think. Now trying for a 30 yr 2% 1st yr, 3% 2nd etc. but soooo much run around. Why didn't I qual for the HAMP? I owe too much? I did leave a message for Jeanne, will she help? Don't want to piss off Tonetta.

How much you owe will have nothing to do with qualifying for the HAMP program. I believe you were denied because you are already at the 31% requirement and they usually will not go below that..

[heidi79]

if you're already at the 31, you won't fall under the hamp, ahmsi has good inhouse mods, try for a principal and interest payment and a smaller forebearance of principal, ahmsi is another company that was doing well without the hamp.

the office of jeanne drake will definitely help you if they can, be ready for a phone call from them.

[darkdays]

Originally Posted by simifast

I wish I found this site many months back but oh well. I'm in the same boat as before anyways. I am with AHMSI and my negotiator is Tonetta. I have been trying for a mod and they said I was approved for the HAMP but then came back and said I was denied. I need a better explanation from them but the loan is for 696,000 5% IO and expires soon. Not late but trying early. She was trying for a 40 yr 2% forbearing about $330,000 until the end of loan but said (I think) it was too much to get it down to 31% of income. I am right around 31% now I think. Now trying for a 30 yr 2% 1st yr, 3% 2nd etc. but soooo much run around. Why didn't I qual for the HAMP? I owe too much? I did leave a message for Jeanne, will she help? Don't want to piss off Tonetta.

The part about trying to forbear about $330,000 of a $690,000 loan until the end of the loan? I would imagine that is a big part of why you were denied. On top of the fact that you are already at 31%.

[simifast]

Thank you for the answers. I left a message and an e-mail yesterday and she already replied today. She passed it on to Valerie to assign an agent. Who is the agent? I have a negotiator and don't want to try to pull a fast one around her. I feel the higher you go always makes a difference so if there is special attention maybe it will be looked at differently than if I just went about it the normal way. What do you think?

[lennox]

Some questions....

Is your payment at 31% paying interest only? Or are you calculating your payment using the full ammorzied PITI? I believe they (HAMP) determine the percentage of payment to income using the full ammorized PITI.

If you are calculating your DTI using the IO payment...you need to keep in mind that when they modify your mortgage, they will include the full principal to bring your payment to 31%. With that said, there is a possiblity that your new payment could be more then what you are paying now. On the plus side though, you'd be paying off principal and you'd have a fixed interest rate.

I believe someone mentioned this earlier, but even if you don't qualify for HAMP, AHMSI may be willing to modify the IO loan in house.

Good luck!

T