US Bank's website says that HAMP only applies to primary residence. I thought they changed that rule? (loan, 2013)

[chrisouth]

Home Affordable Modification Program (HAMP)

You may be eligible for a HAMP modification if all of the following are true:

• You occupy the home as your primary residence.
• The amount you owe on your first mortgage is less than or equal to $729,750.
• You are delinquent in your payments or, if current, are having difficulty paying your mortgage, perhaps due to a significant increase in your monthly payment, a reduction in income, or a hardship that has increased your expenses.
• You obtained your current mortgage before January 1, 2009.
• Your loan is currently serviced by U.S. Bank Home Mortgage.

That is from US Bank website. The page has been updated since the beginning of 2013. Does that mean I couldnt get approved for HAMP if I am filing for a modification on a home that was used as a rental but is intended to be used as a primary resident if the modification works out?

[SmartMoney]

It's saying if you don't live in the home (and can prove you live in the home), you are not eligible. What address does your driver's license have? Bank statements for December? Paystubs? Tax Returns? (I realize a HAMP may not need all this, but you need to think of wherever else the address could be obtained). If there is a question of occupancy, they will pull your 2011 returns.

[chrisouth]

THANKS! The home has been out of her hands for around a year, locked up and inaccessible. They tryed to do a short sell but was unsuccessful. Since it has been out of her hands and she was not able to live in the home, would they still not accept her request? They are the ones who told her that she qualified for a modification after the home did not sell in short sell. Also, what about HAMP tier 2? From my understanding they do modifications on rental property now. Could USB just not be going by the tier 2 requirements? Thanks again!

[SmartMoney]

The difficult thing for most to comprehend is the HAMP program is 100% voluntary for the lender to participate in - they are not required to do the program. The result has been many of the lenders have put their own spin on the program. Each loan they do participate in is eligible for government reimbursement, but the banks are not looking to do HAMP on every loan. As long as they are consistent in applying their guidelines to all applicants, they sare ECOA compliant.

Here's the HAMP Program: Making Home Affordable

[Willymac]

HAMP is available for Rental Properties - it is called tier 2. Fannie and Freddie (GSE's) offer HAMP tier 2 and also in house rental property mods. Just like owner occupied the loan must be in default or default is imminent.