HIDDENBROOKE HOMES-My bank says I don't qualify for a permanent modification. What now?
By Nicole Monary, Nicole Knows San Diego Neighborhoods
(Sellstate Next Gen Realty)
HIDDENBROOKE HOMES-My bank says I don't qualify for a permanent modification. What now? More and more, I am getting calls like this from clients. These clients have entered into a temporary loan modification program with their lenders under the Making Homes Affordable Program (HAMP). They made their three months worth of trial payments at a payment they could afford. They thought this would be permanent. Now they are being told that they do qualify, but the payment will be much higher. For example, I have a client whose payment prior to modification was $4800. For her temporary modification, it was $3500. After the trial period, the bank increased it to $4300. Due to a recent divorce and lack of income, she cannot make that amount. When she spoke with her bank, they told her th...