Home Loans and Support

In house modification on an FHA loan?

Discussion in 'Loan Modification' started by Determinedtokeepit, Aug 31, 2010.

  1. Determinedtokeepit

    Determinedtokeepit LoanSafe Member

    Just wondering if anyone has been granted an in house mod on their FHA loan?
    If so, please share your insurer, servicer and the terms.

    I really could use an injection of hope right now.

    Thanks in advance for any responses!
  2. dtap57

    dtap57 LoanSafe Member

    I did 6 months ago received a in house mod on my FHA loan. They lowered my rate down to 5.125 and put my back payments back into the loan. It only dropped my payment about 100.00 a month. It was with Chase.
  3. Determinedtokeepit

    Determinedtokeepit LoanSafe Member

    Thanks, dtap57! Congrats!
    Would you mind telling me if you went in current, or behind and which company is the investor on your loan? How long did it take from start to finish?

    I started as HAMP review with BOA while current, they denied me due to missing paperwork, escalated my request and changed to in house mod review, by which time I was nearly 2 months behind due to short term disability. My investor is Ginnie Mae.
  4. davephx

    davephx LoanSafe Member

    All Ginnie Mae's are FHA's.

    The biggest reason for denial seems to be the deferred amount has to be more than 30% of the mortgage to get down to 31%.

    Interest rate will be about 5% not the 2% under regular HAMP and loan term can't be more than 30 years vs 40 for HAMP.

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