Can You Modify Loan On A Mobile Home Under HAMP?

by Bill
(Texas)

Does a mobile home qualify for the Obama loan modification program?

Mortgage Loan Modification Answer:

by Loan Modification Expert - Dan North

If a manufactured home is secured by real estate then it is eligible for the Making Home Affordable Modification Program (HAMP, also known as the Obama Program). If the mobile home is on a rented lot then it would not qualify for HAMP.

Property Types Eligible For Making Home Affordable Programs Include:

Single family homes

Two-to four-unit dwellings, as long as one unit is occupied by the borrower as a primary residence

Condominiums

Cooperatives

Manufactured housing secured by real estate

The Minimum Eligibility Criteria For The Making Home Affordable Programs Are:

Property is owner occupied as a primary residence

Mortgage was originated on or before January 1,2009

Unpaid principal balance is equal to or less than the loan limit for the number of units involved

For 1 Unit: Unpaid principal balance is equal to or less than $729,750 (In your case the mobile home's unpaid principal balance must be less than this $729,750)

For 2 Units: Unpaid principal balance is equal to or less than $934,200

For 3 Units: Unpaid principal balance is equal to or less than $1,129,250

For 4 Units: Unpaid principal balance is equal to or less than $1,403,400

Borrower’s monthly mortgage payment is unaffordable due to a document-able hardship

Borrower’s monthly mortgage payment is greater than 31% of gross income

So to answer your specific question: mobile home mortgages can be modified by the Obama Plan if they are secured by real estate and you meet the other requirements of the Making Home Affordable criteria.

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