| Answers |
| Posted By: Unhappy on Feb 07, 2010 03:12PM |
| A: I applied for a Home Modification loan with Chase. I was placed on a trial payment plan for 3 months. Chase has informed me that I did not qualify for the modification loan due to lack of income. My husaband receives a retirement check and I work part-time. What should I do? |
| Posted By: LoanModMan on Jan 03, 2010 07:53AM |
| A: The short answer is "it could". Under the HAMP program introduced by President Obama on March 4th, 2009 there is an NPV test that must be passed before a HAMP loan modification can be granted. If you truly have equity in your home it will fail the NPY test. If your lender turns you down because of this be sure to press for assistance. Many lenders and servicers have in house traditional modification programs available. ***************************************************** Reagrds, Dan Harris ............................................. Http//www.LoanModBook.com |
| Posted By: loanmodpro on Nov 22, 2009 02:48PM |
| A: Well, with loan modification what is most important is whether or not you can "afford" your current mortgage payments. It is regardless of whether or not you have equity in the home, if the mortgage payments are not affordable, you qualify, but there are other factors as well. For instance whether or not you are employed and can make some kind of payment towards your mortgage, and also whether ot not you have had a financial hardship occur to you. |
