Top 10 Reasons Overland Park Residents Do Not Qualify for a Loan Modification

Why you should like HAMP, if you're behind on your Overland Park mortgage and the Top 10 Reasons Overland Park Residents Do Not Qualify for a Loan Modification

Overland Park homeowners who are behind on their mortgage can successfully negotiate a loan modification under HAMP.  

HAMP stands for Home Affordable Modification Program. With HAMP, the government pays loan servicers and Overland Park homeowners for successful mortgage loan modifications. For Overland Park homeowners who make all their payments on time, that can amount to $5,000 paid toward their Overland Park loans.

The incentives aren't available under alternative loan modification plans.

Overland Park homeowners may not qualify for a HAMP approved loan modification if:

1) They bought or refinanced their current Overland Park home after Jan, 1st, 2009

2) The Overland Park homeowner does not meet income or debt requirements

3) The Overland Park property is an investment property

4) The Overland Park property is a vacation property

5) The Overland Park property is a high-end home

6) The Overland Park homeowner has filed bankruptcy

7) The Overland Park homeowner has failed on previous loan modification programs

8) The Overland Park homeowner has submitted incomplete or missing paper work 

9) The Overland Park homeowner submits a HAMP non approved HUD settlement statement

10) The Overland Park homeowner exceeds the time allowed to complete the required paperwork

Bank of America estimated in April that more than half its 1.44 million delinquent mortgage customers weren't eligible for HAMP. Wells Fargo says about 80 percent of its roughly 500,000 modifications are non-HAMP. Combined, the two banks serve nearly 40 percent of U.S. mortgages.


HAMP also has seen a surge in homeowners failing the three-month trial period, and a decline in new trial enrollments. Critics blame servicers for the declines, saying they're doing a poor job and unfairly bouncing people from the program. Servicers acknowledge there were problems, especially early on. They also say homeowners aren't complying with payment agreements or document requirements.

For more information on HAMP, go to: HAMP


In the event that you're an Overland Park homeowner and you missed payments in a loan modification or you have been denied a loan mofication, there are options that will prevent an Overland Park real estate foreclosure. First you can do a deed-in-lieu of foreclosure or negotiate a short sale.

Need help with negotiating a short sale, contact the Overland Park real estate short sale specialist of the Dowell Taggart Team. We have successfully negotiated many Overland Park Short Sales. We can also assist in loan modifications and forbearance request.

Let us know what you think or add to our blog by writing a comment.

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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