Can I apply for the government HOME AFFORDABLE MODIFICATION PROGRAM If I have a VA loan?

Where can I learn more about the qualifications

? www.homeloans.va.gov/valeri.asp

Is my lender/servicer required to review me for HAMP? YES! However, services are required to review you for traditional modification assistance first before reviewing for HAMP.

Seasoning Requirements? No I'm not talking about a piece of steak! Don't ask me why they call it seasoning. Final answer YES. You have to have made 12 consecutive payments before being reviewed for a loan modification. If you are shy the 12 month rule ask your servicer to contact the loan technician at a VA Regional Loan Center to obtain prior approval for modify loans less than 12 months.

Will I have to make trial payments? YES

Do I have to have a solicitation letter? NO

Does the VA participate in the Home Affordable Foreclosure Alternatives (HAFA)? NO

Lenders/Servicers are already delegated to complete short sales & deed in lieu's and requires consideration of such alternatives prior to foreclosing.

Does the 31% debt to income apply? YES

If I am current can I apply for assistance? NO, however, if the borrower contacts the servicer warning them of "imminent danger of default" meaning you are struggling to make your payments but have been able to do so, but could fall late at any given time.

Lenders/Servicers can review you for loss mitigation options including VA HAMP.

What if I have modified my loan in the past? YES, however, as long as the prior modification was completed less than 3 years ago. The lender/servicer must obtain prior approval from VA for the new modification.

What if the State Housing Finance Authority own my VA loan? Servicers are to follow the HAMP guidelines, however, if the VA NPV (net present value) test favors modification you could be considered for refunding.

What is refunding? VA refunding occurs often involves situations where the borrower is not able to make payments due to extreme difficulties, but has solved, or will solve, their extenuating circumstances in the near future and continue payment on the loan.

Can I apply for the government HOME AFFORDABLE MODIFICATION PROGRAM If I have a VA loan?

By: Professor Loan Mod

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