Q&As

HAMP government program explanation, eligibility links, calculators and more Q: What are the new HAMP rules for income verification? Answer: According to the new HAMP rules that went into effect June 1, 2010, you’re going to have to prove that you have sufficient income before you get approved for a trial loan modification. Here’s what the new...
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Question: How does the NPV, or for Net Present Value of my home, affect my chances of getting a loan modification? Answer: According to a financial modeling company, the NPV results will determine whether or not you will get approved for a loan modification. According to a recent article published at bankrate.com, here are the...
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Question: How can I get rid of my second lien to qualify for a Hamp loan modification? Answer: There is a strategy you can use, depending on your state’s laws, that will allow you to legally wipe out your second mortgage or equity loan. The details are outlined in an article about what Oregon homeowners are...
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Question: How can a bankruptcy cramdown help me get a loan modification? Answer: A bankruptcy cramdown is a process that will allow homeowners the option of lowering their principal mortgage balance through the bankruptcy courts – the so-called bankruptcy cramdown. Loan modification expert, Mike Rockwood, has said these cramdowns will be the next trend in dealing...
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Question: What does the value of my home need to be to qualify for the HARP government refinance program? Answer: The current guidelines allow for refinances up to 125 percent of appraised value. Home Affordable Refinance Program, aka HARP, provides an option for homeowners who have stayed current on their mortgage to refinance and take advantage...
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