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Can you qualify for a HAMP loan if you've already completed a HARP loan due to unemployment?

My boyfriend needed to get his ex-wife off the mortgage loan and the only way he could do that and qualify is through a HARP loan.  Wells Fargo qualified him, the loan is in his name now, and his interest rate went from 6.735% to 5.75%, but only decreased his mortgage payment from about $2000 to $1800/month.  Now, he is unemployed and his savings is dwindling due to living expenses.

Can he apply for the HAMP loan at this point?  What are his options?  He currently has Wells Fargo and have never missed a mortgage payment, has PMI, and his townhouse is worth about $185,000 (maybe a little more/less) and he owes $223,000. 

We're just looking for options at this point and he doesn't want to foreclose or short sale, but between his assessments and mortgage it's just over $2000/month and unemployment is only $353/week.
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August 26 2010 - Bloomingdale
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Pretty sure all Fannie/Freddie loan are eligible for HAMP, so I believe he would be eligible, however I don't think HAMP allows unemployment.   You need to be able to demonstrate both a hardship and an income source to pay the lower modified payment.   I don't think unemployment is an acceptable source in that circumstance.
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August 26 2010
 
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Can you qualify for a HAMP loan if you've already completed a HARP loan due to unemployment?
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August 26 2010 | 1 answers
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