In divorce process, can I benifit from either Affordable Loan Mod or Refi?
You may want to explore HAMP- Home Affordable Modification Program. Wells Fargo took the TARP money, so on the surface you will qualify. You also have a hardship- divorce. The program will take you down the lowest 2% interest rate and fix this for five years. Each subsequent year after, the bank may adjust your payment up to a maximum 1% until it reaches the market cap on the day you sign the new loan terms. This proves to be the strongest modification on the market. The program is highly contingent on your DTI (debt to income ratio). If 31% of your income is greater than a 2% rate of your current loan balance you may qualify. You must also live in the residence, show insufficeient liquid assets to make your payment, and have a loan balance lower than 729k. You only have one shot at the HAMP modification. You may want to hire an attorney to handle this for you, it may be worth the few thousand dollars to secure your investment. Take a look at my profile. I have some great links that ca
