My neighbor referred me to Andre She said he is helping her with trying to get a mortgage loan modification and is happy with his help. I spoke with Andre yesterday. Even though the office was closed Andre was willing to speak with me and we set an appointment for Monday. Andre explained how the "HAMP" Home Affordability Mortgage Program works I was told that often homeowners income is calculated higher than it actualy is with the program and also that having equity in the home can backfire. I was told the HAMP is designed to tell the investor if it would be financially a sound descision to modify a loan or foreclose on a loan. I was left speechless and Andre agreed with my shock and feeling as the HAMP calculating guidelines will shut many homeowners out and force them to lose their homes. This cookie cutter program is only black and white. As we all know that just does not work for us as individuals nor will it work for our nation. I am thankful to Andre who through his calculations and listening and talking to me does think I may fit into the HAMP. It appears as though the Bank has not considered what my actual mortgage payment emcompassed and that alone could not qualify me for the HAMP program.
It is just not making sense that the calculations show a higher income and then your mortgage payment must be above 31% to qualify. It is in my opinion fraud, using false informtion to make a life changing descision. In my case the monthy income calculated for me was so high that if it were my income I would not be having any problems with my mortgage in the first place and my financial situation would be great! So essentually they bump up the income and if your current mortgage is already below 31% you do not qualify. Sounds like your set up to fail. No consideration was given to my deductions at all it is vased on gross. I am already thinking how can I help others, what can ve done?
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