Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.
There is a cap on loans qualifying for a HAMP modification and you are close to this. However, you may still qualify. Here is a short piece addressing your concern:
How does someone get a loan modification?
First, gather this information:
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Your most recent income tax return.
- Information about your assets
- Information about any second mortgage on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- A letter describing the circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.).
Second, call your mortgage servicer and ask to be considered for a "Home Affordable Modification", or HAMP. The number is on your monthly mortgage bill or coupon book. Honestly state your situation. They will assess your financial state through phone calls and paperwork to determine whether you qualify for a loan modification. Keep copious, detailed notes on who you speak with and details of the conversations so you have documentation down the road if you are faced with foreclosure.
Third, depending on the direness of your financial difficulties, its always good to hire legal counsel. Get a referral from your local state bar association.
Fourth, call a local HUD-Approved Housing Counseling Agency for guidance.
You can read more at the following link:
Since there is a cutoff date I recommend that you begin very soon. You need to contact your lender for this. I do not recommend using any of the outside services for this. They make great promises but some are scams.