the amount you owe on your first mortgage for your property is equal to or less
than: $ 729,750 for 1 unit $ 934,200 for 2 units $ 1,129,250 for 3 units $ 1,403,400 for 4 units you owe more on your home
than it's worth your
current mortgage was taken out on or before January 1, 2009 you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your
current home
loan (For
loans not owned by Fannie Mae or Freddie Mac) All servicers that have signed
agreements with the U.S. Department of the Treasury (Treasury) to participate in the Home Affordable Modification Program (HAMP) must consider eligible borrowers who do not qualify for HAMP for other foreclosure prevention options including the Home Affordable Foreclosure Alternatives program which includes short sale and deed - in - lieu.
So he is great to work with, he approved us for a larger
loan as long as we could get a signed rental
agreement for our
current residents (as long as it rents for more
than the all in mortgage, it pretty much cancels out)