Are you FHA?
Lots of info at
Partial Claim Frequently Asked Questions - HUD
FHA-HAMP
Is very different from regular HAMP in at least in these areas:
1) Must be delinquent at least 1 month but not more than 12 months.
2) There is no 2% interest rate - the interest rate is based on current rates unlike HAMPs 2% base. Current rate seems to be about 5.3%. The rate is 200 basis points (2%) above the monthly average yield on the Treasury 10-year constant maturity rate which for 10/09 was 3.39%+2% = 5.39%. This is actually the maximum rate but probably what banks will use. Base rate at
http://www.federalreserve.gov/releas...TCMNOM_Y10.txt
3) There is no 40 year extended term as with HAMP. 30 years max after "partial claim" defers part. The 30 years not 40 is because of the GNMA pool requirements.
4) Modification is done by a partial claim which defers the repayment of mortgage principal up to 30% through an interest-free subordinate mortgage that is not due until the first mortgage is paid of.
5) The back end debt/income ration can not exceed 55%. Unlike regular HAMP over 55% only requires agree to credit counseling.
Example from FHA-Mortgage Letter 2009-23 July 30, 2009:
Mortgagor had a reduction of income and is delinquent 3 full mortgage payments. The unpaid principal balance on the mortgage on the date of default is $150,000 and the monthly payment is $1,220 (consisting of P&I of $920 and escrows, including MIP, of $300). The financial analysis reveals that the mortgagor’s gross monthly income is $3,500 and the total monthly other recurring debt payments are $800.
In order to fulfill the 31% Front End Ratio requirement, the mortgagor(s) total monthly mortgage payment would have to be reduced to $1,085 ($3,500 x 31%). Therefore, P&I would have to be reduced to $785 ($1,085 total monthly mortgage payment less $300 escrow and MIP). Assuming that the loan modification will have an interest rate of 6% and a P&I of $785, the new mortgage amount would have to be $130,931, resulting in a principal reduction of $19,069 ($150,000 unpaid principal balance less $130,931). In this example, the mortgagor’s Back End ratio is 53.9% ($1,885/$3,500), which satisfies the 55% Back End Ratio limitation.
In this example, the maximum principal deferment is $41,340 (30% of $150,000, less the $3,660 delinquency, or $45,000 - $3,660). However, based on their gross income, mortgagor is eligible only for a principal deferment of $19,069 plus $3,660 arrearages (which would include any foreclosure costs incurred to that point, in accord with Mortgagee Letter 2008-21) for the total Partial Claim of $22,729.
FHA Insurance Pool Payment
Your lender may be able to work on your behalf to obtain a one-time payment from the FHA insurance pool. If the lender is successful with this, your mortgage will be brought up to date without you making the payments. You may qualify if you are delinquent on at least 4 months of payments but less than a year of payments. You have to show you will be able to pick up the payments in the future if the FHA can cover these missed payments in between. Your lender will do most of the paperwork for you, filing a claim with the FHA. You will only need to sign a promissory note to the FHA for the payment amount. You will have to repay this insurance payment, but you can do so without interest. You will also have until the mortgage matures or you sell the home to pay off this additional loan.
FHA Streamline Refi Option BUT HAVE TO BE CURRENT
No Appraisal needed but interest rate is about 6.25% without points and changes daily.
See
FHA Streamline Direct, Mortgages Refinance Calculator for current rate options.
IN ADDITION there is the Hope for Homeowners Program with guidance issued 10/20/09.
But it's a refinance program with a maximum loan-to-value ratio of 90 or 96.5% and a more restrictive back end ratio of 43% or 50% so won't help much vs the FHA-HAMP.
Details at
http://www.hud.gov/offices/adm/hudcl...es/09-43ml.doc 
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