Are audited profit and loss (P&L) statements required when verifying income for HAMP?
Audited P&L statements are NOT required for HAMP. Q12. If a borrower makes the existing contractual monthly payment rather than the trial period payment during the trial period, should the servicer accept the higher payment from the borrower, depositing the difference in a suspense account? All payments made by the borrower must be applied in accordance with the existing loan documents. However, if the borrower makes a payment that is greater than his or her trial period payment, the servicer must review investor guidelines to determine if the borrower remains eligible for HAMP and, if making the contractual payment could jeopardize eligibility, notify the borrower in writing that making payments in excess of the trial period payment may impact the borrower’s eligibility for a HAMP modification. Q13. Can a borrower qualify for HAMP if the mortgage loan is currently in the redemption period after a foreclosure sale? The answer to this question is dependent on the amount of time remainin
