If you don't qualify for HAMP, my first question for you is who told you that? Many people think they do not qualify for HAMP when they actually may. Simply because a friend, a supposed professionals or even your lender has told you that you do not qualify does not necessarily mean that you do not. Many times your lender can get it wrong and for a friend or a "professional" to know the answer is not too reliable considering the formulas involved (especially the lender's NPV formula) are very complex. It is important for you to double and triple check with the lender to make sure that you do in fact not qualify. If it is in fact true that you don't qualify for HAMP it is not the end of the world. Most lenders and servicers offer a number of what are called "in-house" loan modification programs. These programs are for those who fall outside the guidelines of HAMP, but still need a loan modification. And let's be honest, for those who it still makes sense for the lender to modify. Remember, the lender is trying to give up as little as possible in any situation. Although HAMP modifications have very good terms most of the time (think rates as low as 2 %!), in house modifications can be very good as well. Contact loan modification 411 for more information on modifications in general and how the process works.
