Home Affordable Modification Program (HAMP)

[ss88]

Hello,

I am due to be discharged (Chapter 7) soon and my primary mortgage is with Chase. I got a letter from them today informing me of the HAMP and if I want to see if I can take advantage of it, I need to contact them. I will do that after my discharge.

I found detailed information on the rules here:

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0905.pdf

I found an article that said Chase was modifying at 20% ratio.

http://www.interest.com/mortgage/obama_foreclosure_prevention_plan_0916.html

It appears tax, insurance and association fees (if you have them) are rolled into 31% rule, which is nice if I read it right. Can anyone confirm, that has gone through this?

Also, I'm interested to hear how people rate Chase if they have been going through this process.

Thank you.

[IBroke]

It appears tax, insurance and association fees (if you have them) are rolled into 31% rule, which is nice if I read it right. Can anyone confirm, that has gone through this?

Hi,

I can confirm that. We are currently in the process with SPS.

[Flowers]

hi there ss88. There is a thread about this in "Mortgage after BK".
A few of us are in with Obama Home Afford Plan . . . and waiting.
here is thread: http://www.bkforum.com/showthread.php?t=42089

I agree with you that the payment, taxes and HOA all into a 31% payment would be just great. But who knows. I have made many many payplan payments already and still am waiting.

We will look forward to see how things turn out for you. And I will report my results!