In an odd turn of events HAMPs guidelines have changed possibly this time for the better. Changes have recently taken place to help try and bring that 18% of successful workouts up a little and this time it’s including Investors. Now before you jump for joy they are not expanding this to include investor but more so have found a realistic way to deal with homeowner who do have investments properties but need help for their personal properties. Prior to this the lenders like Bank of America used to account the rental income as part of the gross monthly income, which if you are an avid modification professional, you know that the HAMP guidelines dictate that the plan should be set to account for dropping the payment to 31% of the gross income.
Well you start to add in all these forms of income in about 10 seconds flat homeowners with investment properties were getting declined left and right who actually needed assistance. These new changes set to take place almost immediately are being implemented by many lenders who are trying to cover problems like this by now only accounting for the difference between the investment property mortgage payment and the amount left over from rent.
We understand that for our clients that this is going to be a very big deal and continuing along the lines they were currently on there were still many more homeowners to take the impact just because they had rental properties. We where many are wiping the sweat off their brow these guidelines seem to be getting stricter and stricter. We constantly have to find new ways to work around the terms many homeowners have been stuck with so it is important to work with competent professionals that do not charge up front for their services.
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