X

It was a mixed bag for home affordability in early 2024. See the income you need to buy a median-priced home in the top 50 metro areas for details.

It was a mixed bag for home affordability in early 2024. See the income you need to buy a median-priced home in the top 50 metro areas for details.

Am I eligible for a ‘Fannie Mae non-HAMP’ loan modification?

Q: I have enough equity in my home for the bank to get back the full amount I owe if I'm forced to sell. Will this keep me from getting a Fannie Mae non-Hamp Modification? I have a medical hardship and reduced income. Thanks.

A: We're not aware of any "Fannie Mae non-HAMP" modifications. Fannie Mae and Freddie Mac-backed loans are all eligible for HAMP; any non-GSE loans would fall under what would be considered "private" modifications. If your loan is owned by Fannie or Freddie (find out at http://www.knowyouroptions.com or http://www.makinghomeaffordable.gov) you may be eligible for HAMP on the basis of your reduced-income hardship.

If your loan isn't owned or backed by Fannie or Freddie, you'll need to get in touch with your loan's servicer. Most lenders now have in place forms of private modifications, often mimicking those found in the HAMP program. Should you decide to start a modification process, it will be a good idea to have a lawyer who can help negotiate the terms on your behalf and review paperwork before you sign it. This includes everything from the terms and periods offered to you, fees, and how the information is reported to any credit bureau.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Please enter a question.
Please enter name.
Please enter email.
Captcha code invalid
Q: How do I find out who owns my mortgage?
FEB 20, 2024
A:

The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

Read More
Q: What loan amount does a mortgage need to be for it to be considered a Jumbo Loan?
NOV 28, 2023
A:

This question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit....

Read More
Q: What does the term ‘conforming’ mean?
SEP 21, 2023
A:

Simply put, a "conforming" mortgage "conforms" to a set of standards so that the loan can be eligible to be sold to Fannie Mae or Freddie Mac.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen