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Are 401ks or IRA account balances looked at under HARP and, or HAMP refinancing programs?

homeowner is unemployed and has not missed a payment but needs to lower mortgage payments within a month or two.  where to locate data on # of approved HAMPs and HARPs by zip codes?

  • January 10 2012 - Columbia Heights
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Answers (4)

You can try for a forebearance but that's only temporary and depending on your outcome, it can do more harm than good. In other words, with a forbearance, if your monthly mortgage is $1000. Lender may agree to accept $500 for the next 6 months, however, the other $500 not paid is reported on your credit report as tardy and you'll eventually have to play catch up with the difference.
  • February 09 2012
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You DO have to have employment as the others have indicated.  When you are in this position, you do not have to list any assets if you don't want to unless you need them to pay for closing costs not paid by lender or included in refinance.  With respect to the HAMP program, I believe you will find them not considered since your 401k/IRA is protected through the Employee Retirement Income Security Act (ERISA) under the United States Department of Labor.  As with bankruptcy, these assets are unattachable.
  • February 07 2012
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You have to have some kind of income coming in to qualify for either programs. They will need proof that you can afford to maintain the property. They will need employment income, retirement income, disability, etc.. That will show a stable amount of funds coming in that is almost equivalent to your expenses, including the current monthly mortgage payment.
  • February 07 2012
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With no income you will not be approved for either a HARP Refinance or HAMP Modification.  In both cases the lender wants to see you have the ability to pay the mortgage.  Without any income coming in whatever ability you have to pay today cannot be sustained.

I know it's not what you want to hear but it is the truth.
  • January 11 2012
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