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Do I Qualify For HAMP Loan Modification Program?
For qualifying for HAMP Home Affordable Modification Program even when a person is NOT currently delinquent this formula should be used by the loan provider. The debt coverage ratio of the borrower should be less than 1.20 and this hold lot of importance for qualification. But this procedure is sometimes difficult to work out, so it has been explained in the following steps.
Below given is the formula which the lender calculates to check the eligibility for loan modification.
Home Affordable Modification Program 2010 Offer:
Getting approved for a Home Affordable Modification Program can give you great benefits.
- Reduce Your Monthly Payments
- Lower Your Net Interest Rates
- Lower your loan balance
- Waive negatively accrued interest
- Avail extensions on payments
- Criteria A: For the debt coverage ratio net or deduction income and after tax is calculated which is than minus with the escrow amount which includes homeowners insurance, monthly property tax and homeowner association fees. Other credit obligations like the credit cards; auto payments loans etc are also subtracted. Even the living expense liked auto insurance, utilities, food and the investment property mortgages and negative rental income is also subtracted. Once the figure is obtained than it has to be further divided with the figure which is obtained by the calculations below
- Criteria B: Now the first mortgage payment which includes principle and interest and excludes taxes or escrow and insurance is taken
- Result:Now A divided by B = debt coverage ratio
The number which you get is called as debt coverage ratio and this is the perfect calculation which a servicer calculates to check the application for HAMP. Home affordable modification program guidelines are also followed as per the Treasury Department, Fannie Mae and Freddie Mac as of 1/01/2010.
If the result of these calculations is less than 1.20 then one can be considered at risk for defaulting on payment. The Bank of America Loan Modification says that the person should also have less than three monthly total present mortgage payments which include property tax and homeowners’ insurance payments and it should be there in liquid assets. These assets can be from any brokerage or financial institutions like savings, mutual funds, money market account, stocks etc.
If a person qualifies for both these test than one can get a ratio which is less than 1.20 and even if the one have less than three months liquid assets then the process of HAMP loan modification program starts. But if the amount exceeds 1.20 then one will be considered on risk of facing financial hardship and would not be eligible for HAMP loan modification programs. Then one can try for the federal loan modification program.
It’s very important to know more and more whilst saving your home because that will build ones confidence. And only then one can have the mindset to get successful loan modification help.
