Question by Ray: How does the Home Affordable Modification Program work? I am , price ambulance 000 behind on payments and now have a job but?
How does the Home Affordable Modification Program work? I am $ 10, prostate 000 behind on payments and now have a job but it is 500 miles away and requires me to relocate. If I turn down the job… I can not get refinance because of no income. WTH? I’m in a tough position. I like the house and don’t want to ruin my credit with a forclosure and I like the job because it is solid. The company is Pepsi and they are a pretty good company to work for? and the pay is over $ 50k per year. What do I do??
Best answer:
Answer by My Take on It
Why would you want to keep a property that is 500 miles away? Obviously, site you are not going to commute 500 miles to work.
If you are upside down in your mortgage, you might want to consider a short sale. I have a hard time believing a lender would modify your mortgage when the house will become an investment property, not your primary residence when you take this job.
What do you think? Answer below!
All HAMP programs are for owner occupied properties.
You can not use the HAMP. Your choices are a regular income property loan or selling the place. You can not use the HAMP for investment property, it would be fraudulent to do so, that program is to help people keep their homes, the ones they live in, not to increase the profit margin for investors.