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Can I get principal reduction under HAMP?

I get a mtg. write down of principal if I applied for a modification 4 times in 2010, '11 and '12 under HARP 2 or is it possible under HAMP? I was last turned down by Chase in Dec. 2012. House is now rented to my daughter for 4 Mo. repainted ,repaired, and it has a loan to value of Approx. 130%. Excellent Credit, never late pmts. Loan originated 9/28/2007
  • June 25 2013 - Wikieup
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Answers (5)

Best Answer

Unfortunately not....Fannie Mae and Freddie Mac are not reducing principle they feel the values are increasing (a market they created since they own 51% of mortgages)
  • June 25 2013
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[Promotion and hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines.]
  • October 13 2013
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Profile picture for strghtarrow
Thank's for the best news I've heard. I have been all over H.U.D. web sight and searched for HAMP guidelines to no avail. This property is about 130% under water and I have lost a huge sum of money trying to save it for my kid's. Now all I have to do is find a way to do it. Spent $2 thou on an atty. last year and got turned down for mod. in Dec. Spent $8 thou on it and it's rented to my daughter now. I was about to give up and go to short sale. I even tried a re-fi but rates are up even with my excellent credit. Many thank's Mr. Good Neighbor
  • June 25 2013
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Profile picture for Go Huskers
"Thank's for the answer."
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If you are relying on an agent's answer as being the Gospel then you are in for a shock.

The truth is that under HAMP it is possible to get a principal reduction, it all depends on the numbers. HAMP has a specific calculation and if you qualify, you could receive a combination of rate reduction and principal forgiveness in order to get your payment within the program limits. 

To tell someone "unfortunately not" without knowing anything about their situation is moronic! 
  • June 25 2013
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Profile picture for strghtarrow
This is nuts, I just received notification from Zillow that my property value went down $4,925 or -2.1%. Granted this is an AZ. real estate depressed community, but at this rate the Gov. will own 51% of private housing in America. I am an indipendant republican and I don't want something for nothing. This crises was caused on purpose to divide and create chaos in our great nation. I'm not a professional investor but I am just trying to preserve this property for my kid's. Thank's for the answer.
  • June 25 2013
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