Who qualifies for HAMP

In very few words:

1. Has to be your primary residence
2. Current loan to value ratio is 75% or greater.
3. Loans that are ARM, pay option or hybrids are elegible
4. Loan originated before 2009
5. Unpaid balance not higher than $729,750
6. You have to qualify for your payment not being more than 31% of your gross documented income.
7. You don't need to be delinquent.
8. Bank can initiate foreclosure process but not sale.
9. Must be "arms length" (not to your family)
10. Buyers cannot resell in less than 90 days.
11. Debt forgiven will not be taxed (under law expiring in 2012) (Check tax advisor)

(some of these conditions are particular to specific Banks, for more detail, please contact me and request more information)

GOOD LUCK.

If you don't qualify, your bank should give you a letter of approval to short sale the house at an approved price (with minimum net proceeds requirement), then you call your realtor (hope you consider me) and he will do the rest.

The seller will receive an incentive of $1,500 (relocation assistance.

Call me 619-517-6791 or email henry@houseinsandiego.com

I will provide you with more detailed information about the HAFA and HAMP programs.