For Non-Fannie Mae loans it is up to the discretion of the lender/servicer. Really they must be HAMP Eligible but do not have to go thru the actual HAMP modification process and they determine that just by running thru the hardship letter and the financial statements. I just got off the phone with Fannie Mae in Washington DC and for the GSE loans, it is a requirement that they are HAMP Eligible. That means the 31% ratio must be in play, which for homeowners with a true hardship and/or loss of job, that should not be a problem.
I have 2 servicers, CitiMtg and Merrill Lynch that are not playing by the rules for the new Fannie Mae Directive that was issued and mandated that the program go into effect on Aug. 1st, 2010. They are looking into it for me. Immiment Default does also qualify. My clients will be relocating out of the country and once that occurs, the wife will no longer be employed and therefore unable to make payments on the mortgage and then they would be HAMP Eligible. I am finding that no one is playing by the rules of the Fannie Mae HAFA Program...I have had more success with the Non-GSE HAFA Program.
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