The first step to a successful mortgage modification is to determine which type of modification you qualify for. Take a few moments to answer these simple questions to find out which modification program is right for you.

HAMP Pre-Qualifying Questions

 Is your home your primary residence?
 Is the amount you owe on your first mortgage equal to or less than $729,750?
 Did you get your current mortgage before January 1, 2009?
 Is your payment on your first mortgage (including principal, interest, taxes, homeowner’s insurance, and HOA dues) more than 31% of your current gross income?
If your answer to all of these questions is “Yes,” you qualify for a HAMP modification!

Traditional Hardship Modification Pre-Qualifying Questions

Do any of these circumstances apply to you?
 Behind on mortgage payments
 Struggling to keep up on the mortgage payments
 Little or no equity
 Home value upside down
 Can’t qualify for a refinance
 ARM that just adjusted and payments are now unmanageable
 Headed to foreclosure

Then you may be eligible for a traditional hardship modification. These modifications are awarded based on hardships you may be suffering, and which are affecting your ability to make mortgage payments, such as:
 Illness of Spouse, Co-Borrower, or other close family member
 Medical Bills on the mortgage payments
 Loss of Job
 Job Relocation
 Reduced Income
 Failed Business
 Death of Spouse, Co-Borrower, or other close family member
 Child Support/Alimony Payments
 Military Duty
 Damage to Property (natural or unnatural disaster)
 Property Problem (Anything defective about the property like repairs that are needed)
Tax Liens
 Increased Expenses
 Excessive Financial Obligations (Examples : credit card debt or college tuition payments)
 Inability to Sell or Rent the Property
 Ownership Transfer is Pending ( If the home is in the process of being sold)
 Tenant not Paying
 Social Security


The Flex Mod Options (not program names that a servicer would necessarily recognize) are designed to utilize HAMP’s basic back-end rate, term and NPV calculations while allowing for more flexible eligibility criteria, tolerances and variances.
 There is no restriction on when the loan was originated
 The property securing the loan doesn’t have to be the borrower(s)’ primary residence or be currently occupied
 The Unpaid Principal Balance (UPB) of the loan can be more than the usual limit set for the Property Type (e.g. $729,750 limit for a Single Family Residence)
 The current monthly payment CAN be lower than 31% of the borrower(s)’ gross income
 The new loan terms do not need to result in at least a 6% reduction in the borrower(s)’ monthly payment
 The resulting LTV ratio of the new interest bearing balance compared to the new Estimated Market Value of the subject property can be as low as 80%
 Since the Flex Mod Options may not be HAMP eligible, the model excludes any Servicer Incentives

If you are experiencing any of these hardships in addition to difficulty making mortgage payments, don’t wait any longer–call us today and take control of your situation!PREVIOUS