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**Coldplay** · 03-09-2010, 02:04 PM

They look at your Debt to income ratio to figure out if you qualify for a modification. For the HAMP they want your PITI payment to be at the 31% . Have you suffered a recent hardship ? Below is the eligibility tool that you can use. Just beware that even if you do qualify , they may not modify your loan. Good Luck

Housing

http://www.makinghomeaffordable.gov/modification_eligibility.html

This page provides general background and information on the housing programs established by Treasury under TARP. The MHA program expired on December 31, 2016, however, help may still be available through your mortgage company or through the Homeowner Assistance Fund.Consumer Fraud AlertIn the beginning of 2009, the U.S. economy was facing the fallout from a housing bubble that by some measures had doubled home prices in a period of six years. By the time the Obama Administration took office in January 2009, home prices had fallen for 30 straight months. Home values had fallen by nearly one-third. Fannie Mae and Freddie Mac had been in conservatorship for four months, and American families were struggling to buy and keep their homes.In February 2009, President Obama announced a number of steps to strengthen the housing market and help struggling homeowners avoid foreclosure. As part of this broad response to the housing crisis, Treasury, under TARP, established two central programs, Making Home Affordable® (MHA) and the Hardest Hit Fund® (HHF).In December 2016, the Making Home Affordable (MHA) program expired. Although this resource is no longer available to homeowners, help is still available. Mortgage companies will continue to offer assistance. Contact your mortgage company or lender directly to inquire about available solutions.Key FactsTreasury, under TARP, launched Making Home Affordable® (MHA), to provide mortgage relief to homeowners and prevent avoidable foreclosures.The cornerstone of MHA was the Home Affordable Modification Program (HAMP®), which permanently reduced mortgage payments to affordable levels for qualifying borrowers. MHA expanded to include a number of other specialized programs.Treasury also introduced the Hardest Hit Fund® (HHF), which helps those states hardest hit by home price declines and high unemployment to develop locally-tailored foreclosure prevention solutions.Treasury's programs are part of a wider government response designed to help homeowners, preserve communities, and keep mortgage rates affordable for families.Programs at a GlanceMaking Home Affordable® (MHA)The Making Home Affordable Program® (MHA) provided mortgage relief to homeowners to prevent avoidable foreclosures. This included the Home Affordable Modification Program (HAMP), which permanently reduced mortgage payments to affordable levels for qualifying borrowers. MHA expanded to include a number of other specialized programs. MHA helped over 1.8 million families obtain mortgage relief and avoid foreclosure. MHA expired in December 2016.Hardest Hit Fund (HHF)The Hardest Hit Fund® was created to provide targeted aid to families in states hit hard by the economic and housing market downturn. The participating states were chosen either because they are struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent since the housing market downturn.

**espo1357** · 03-09-2010, 04:36 PM

Originally posted by cc78464 View Post

I am currently in a chapter 13 which had included keeping my house. While in the 13 i lost my job for a year and was on unemployment. I had just enough money to make my mortgage payments. Just as things looked bleak I got a job at the same rate I was at during my filing.

Long story short I would like to apply for a loan modification (currently 8%) but am worried when i fill out the financial worksheet I will not have the same debt I had when i originally applied for the loan. Basically i will not have the car payments and credit card payments i originally had when i applied. I'm afraid the bank will say you do not have any debt and can continue at the current payment.

Will the bank end up saying I am perfectly capable of continuing at this same payment or do they not look at that? Basically I could qualify for the loan i am at now all over again but I would like to reduce the % and thus the monthly payment.

Any advice?

don't really have enough information here. do you want to keep your home? do you have equity? do you have a second mortgage?

file a 7 if you want to walk from the home and if you qualify for the 7. That way, you don't have to pay anything to anyone, you just walk and are protected from lawsuits, judgements, etc.

file a 13 if you want to keep the home (assuming you are behind in your mortagage, and that you have a second mortage that could get stripped by filing the 13).

network for a good attorney and don't get stressed out. you will be fine, especially now that you have a job in this horrible economy.

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Loan Modification in Chapter 13

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