04-03-2009, 07:59 PM
I looked into it last month when this was in the news. If i remember correctly,,, there were 4 (or was it 5?) very specific requirements that need to be met for you to qualify as being in "Financial Hardship".
The first and biggest requirement was that your current monthly mortgage payment must be more than 31% of your household income.
Another one is that you must be working. And yet another is that the new mortgage must not be worth more than what the current market value of the property is worth. Borrowers will have to provide their most recent tax return and two pay stubs. There might be others...
That "31%" requirement I listed above knocked me right out of the running so i stopped looking into it...
Do you have more concrete info?
*edit*
Oops. Duh. That .Gov link above is as concrete as it gets. You will have to show last year's tax return and pay stubs so I'm not sure why the person on the phone said it wasn't required. Maybe it's not required now during the application process. But will be required later :dunno:
The first and biggest requirement was that your current monthly mortgage payment must be more than 31% of your household income.
Another one is that you must be working. And yet another is that the new mortgage must not be worth more than what the current market value of the property is worth. Borrowers will have to provide their most recent tax return and two pay stubs. There might be others...
That "31%" requirement I listed above knocked me right out of the running so i stopped looking into it...
Do you have more concrete info?
*edit*
Oops. Duh. That .Gov link above is as concrete as it gets. You will have to show last year's tax return and pay stubs so I'm not sure why the person on the phone said it wasn't required. Maybe it's not required now during the application process. But will be required later :dunno: