You did qualify for a HAMP Loan Modification back in Feb 2010 as you did have a valid hardship and legitimate grounds under imminent default. Wells Fargo should have started your HAMP Modification back in Feb 2010.
What You Qualify Under HAMP GuidelinesUnder the HAMP Guidelines you are eligilble for a modified monthly mortgage payment of 31% of your gross income. That would be $1033 per month and would include your monthly mortgage payment (principal and interest payments), home owner insurance and property tax.
If you do not already have property tax and hazard insurance being paid by escrow that will be set up by Wells Fargo as part of your modification that will be included in the 31% of your gross monthly income.
The 5 months of delinquent payments will most likely be added to the back end of your mortgage to bring your mortgage current and any late fees, charges, penalties and additional interest on late payments should be waived.
That is a rough outline of what you can expect from Wells Fargo. The specifics will change a bit when you add the property tax and insurance costs but you can run all the data thru the Net Present Value (NPV) Test and see for yourself.
Run Your Own NPV TestGo ahead and download the NPV Test to see what Wells Fargo will approve.
Similar Posts:
- Wells Fargo Modifications
- Confused By Chase Bank 1st
and 2nd Loan Modification - Will Sun Trust Mortgage Do Principal Forbearance?
- Will I Have To Use My 401k
To Pay Mortgage? - I Am In The Loan Modification Process
