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Our HAMP calculator gives you a chance to figure your ability to take advantage of the federal Home Affordable Modification Program. This program can reduce your mortgage payments and afford foreclosure.
HAMP works by encouraging participating mortgage servicers to modify mortgages so struggling homeowners can have lower monthly payments and avoid foreclosure. It has specific eligibility requirements for homeowners and includes strict guidelines for servicers.
Estimate the Monthly Payment of the “Best‐Case” Loan Modification • Where the borrower meets the HAMP eligibility criteria, use HAMP’s program limits to test your “Best‐Case” loan modification, by finding the lowest allowable monthly payment using a mortgage calculator or MS Excel formula.
6 Αυγ 2015 · HAMP helps troubled homeowners by reducing their mortgage payments so that these payments are 31 percent of their pre-tax monthly income. You can use this calculator to estimate how much your mortgage payments might be reduced under this program.
To calculate the best expense ratio for a loan modification, you must gather your total recurring monthly expenses, as lenders do.
Under HAMP, a participating loan servicer must consider a sequence of modification steps for each eligible homeowner’s mortgage loan until the loan’s monthly payment is reduced to 31 percent of the homeowner’s verified monthly gross (pre-tax) income.
Borrower is eligible for an FHA-HAMP that consists of a Loan Modification and a Partial Claim. The Loan Modification balance is $47,644.33 with a Partial Claim of $13,423.32. The Front-End Ratio for the modification is $493.58/ $1,759.00= 28.06%, which does not exceed the 40% maximum Front-End Ratio for modifications.
