HAMP an option? Completely upside down on mortgage

Sounds like you need to talk to your current lender. You might want to talk to a nonprofit that helps with mortgage default counseling first. You can find an agency serving your area at: http://www.nfcc.org/FirstStep/firststep_03.cfm or call 800-388-2227.

Use the link I am providing for information on this program and as Phil noted, discuss the situation with your current lender to see how they can be of help! http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx

HAMP modifications are only available through your existing lender.. but they are not required to participate in HAMP if they don't want to.. however the calculation is very simple.. under a HAMP modification, your housing payment will be adjusted to 31% of your gross income.. if you make $4000 per month, then your payment will be adjusted to $1240. The don't look at your other bills, only the housing payment. if your existing mtg payment is lower than that now, then you will be denied for the modification. If it's higher than that, then the process goes like this.. they will attempt to get your payment to the 31% mark. First they will extend the term to as much as 40 years, then lower the interest rate, then a possible principal reduction. I can tell you that under the HAMP program, most folks who apply get denied, and those that have been successful in the modification end up with little improvement, but they end up running their credit trying to make it happen.. It's best you talk to a local mortgage broker and let him look at your complete scenario. It's possible you might qualify for a HARP refinance or some other refinance program that will help lower the payment without the necessity for an appraisal. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Depending on your loan, there maybe some help for you. If you'd like to discuss, please feel free to call. Nathan Kessler 702-522-6745 City First Mortgage Services