Have you applied for HAMP assistance and been so happy that there is an option for you to get out of the total mess you are in with regard to your mortgage? Then, you found out you were denied for HAMP due to failed NPV calculations? Nothing can be more frustrating than that disappointment, and you are probably thinking to yourself, "What is the NPV test?" Most borrowers have no idea what NPV calculations are, much less why they would fail that particular test they didn't know they were supposed to be studying for.
Well, the NPV test is basically a formula that the lender applies to your individual circumstances. If you "pass" the NPV test, you are eligible for HAMP. If you "fail" the NPV calculations test, you are denied for HAMP due to failed NPV calculations.
So, what is being studied in the NPV test? The NPV calculations are used to determine if the lender would be better off allowing you to modify your loan or if they would be better off allowing your home to go into foreclosure. In other words, how does each situation affect the bottom line? Remember, this is about your lender's or servicer's best option, not yours.
If you were denied, you absolutely should double-check the figures that used to determine your status. The good news is that if you are denied for HAMP due to failed NVP calculations, the servicer is required to disclose the reasons. They are also required to tell you that you may request the actual figures used to determine your denied status. Once you get this information, you have thirty days to dispute or make corrections. Even if your home is already set to be auctioned off, you must be granted the thirty days.
For essential tips on getting your loan modification approved or to see if you pre-qualify for HAMP, visit www.UnitedProcessingCenter.org for a FREE evaluation. Their team of friendly, knowledgeable staff makes them my #1 recommendation. Good luck!
Well, the NPV test is basically a formula that the lender applies to your individual circumstances. If you "pass" the NPV test, you are eligible for HAMP. If you "fail" the NPV calculations test, you are denied for HAMP due to failed NPV calculations.
So, what is being studied in the NPV test? The NPV calculations are used to determine if the lender would be better off allowing you to modify your loan or if they would be better off allowing your home to go into foreclosure. In other words, how does each situation affect the bottom line? Remember, this is about your lender's or servicer's best option, not yours.
If you were denied, you absolutely should double-check the figures that used to determine your status. The good news is that if you are denied for HAMP due to failed NVP calculations, the servicer is required to disclose the reasons. They are also required to tell you that you may request the actual figures used to determine your denied status. Once you get this information, you have thirty days to dispute or make corrections. Even if your home is already set to be auctioned off, you must be granted the thirty days.
For essential tips on getting your loan modification approved or to see if you pre-qualify for HAMP, visit www.UnitedProcessingCenter.org for a FREE evaluation. Their team of friendly, knowledgeable staff makes them my #1 recommendation. Good luck!