hamp: Principle Reductions Anyone? ....If its triple pay.... will you play?? - 01/30/12 10:47 AM
I think that 2012 will be the year of principal reductions, don't you? I was reading where the Treasury Department will triple payment to mortgage investors for reducing borrower principal through and expanded HFM program (HFM = Home Affordable Modification) MHA.
Officials announced several critical changes to HAMP, including an enrollment extension to Dec. 31, 2013, from its original expiration date at the end of this year.
The Treasury will also require servicers to factor in second liens and other obligations in the debt-to-income ratio calculation. Previously, if a borrower's first-lien mortgage monthly payment was below 31% of the income, the … (0 comments)
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hamp: Be in the know... YES you will have to disclose your income (HARP 2.0 Program) - 01/07/12 06:49 AM
Fannie Mae is showing good faith in that they are trying to come up with solutions to help the troubled homeowners "save your home". However, they are not going to let you get off scott free. They do have some rules that many may think are not fair but if you want the help - you will need to know what the rules are and follow them - or you will get denied!
The question is: Do you have to disclose your income in order to be considered for the HARP 2.0 program. The answer is:
Yes, you must report … (2 comments)
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hamp: Every program... have defined % numbers for eligibility - HARP 2.0 is no different! - 01/07/12 06:30 AM
Remembering back to the HAMP program (Loan Modification program) and the number that comes to mind is "31% of your gross income". Every request, every denial was based around the 31% number.
Then came HAFA (Short Sale program) and the "31% of your gross income" followed the same rule. UNTIL someone pointed out that it didn't make sense and that portion was revised.
Now we have HARP (not related to music) 2.0 and it too comes with a number: 20%
Borrower benefit provisions and your payment history on the existing mortgage will determine your ability to repay the new loan. If … (0 comments)
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hamp: House is listed... Can I qualify for New HARP (2.0) Refi Program? - 01/07/12 06:13 AM
With the new HARP program up and running now, I believe this will be a huge question coming from homeowners that presently or was thinking about listing their home for sale. Of course, we know that most listings are short sale listings - this question will be asked by all.
The answer is: Yes. Although Fannie Mae policy prohibits the refinancing of homes that are currently listed on the market, this policy can be waived for Refi Plus transactions (manual or DU).
Some other questions which are just as important will be asked. Follow my post, I will try to get … (0 comments)
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hamp: ..attention short sale negotiator... you are in the middle of reviewing the file - right? ...then why foreclose before you finish reviewing? - 09/04/11 06:43 PM
It beats the heck out of me why a negotiator would not request/ or just do to extend the sales date if they are the ones that are reviewing the file!! Servicer refuses to stop a scheduled foreclosure sale on a borrower's house while the borrower is being evaluated for HAMP/HAFA.
If you engage in short sales you know that it is very hard in most cases, to get an extention. I mean it is right next to a act of God to get a postpondment for a trustee sales date. This should not be because the bank is aware of … (1 comments)
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hamp: Imminent Default can be a real hardship! - 07/07/11 01:12 AM
Imminent Default can be a real hardship!
You hear alot about "imminent Defaut" and really no one takes the time to really explain. I guess they just figure you know what they are talking about. While some agents may know what it is and I am sure the HUD Counselors know.... what about the homeowners/borrowers?
All most of the homeowners knows is that they are seriously in trouble with their mortgage or that they are headed in that direction. They are not up on what the imminent default test consists of or what the qualifications are to be put into that … (29 comments)
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hamp: Keep Your California Home Programs - 05/23/11 12:24 AM
Keeping your California Home Programs explained very clearly. This is information that should be hand delivered to every homeowner in California - just in case they need it. Jack has explained it very clearly, glad to reblog to help spread the word to our homeowners and Real Estate Professionals. The FULL STORY.
The goal is to offer help to homeowners ... one homeowner at a time.
Rosemary Brooks, Embarcadero Investments - The Mother and Daughter Realty Team 209-910-3706
Via Jack Mossman, The Nines Team in Stockton (The Nines Team Realty):
"Keep Your California Home Programs." California homeowners who pulled … (0 comments)
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hamp: Subscribe to my Active Rain Blog.... a good place to park! - 01/12/11 11:21 PM
When you this sign what do you think it means? I mean what do you do? Do you ignore it? Or do you click on it and do as it ask?
This widget is asking you to subscribe to my blog. But why? Well I do a lot of blogging on valuable real estate information that I share through blogging. Some would ask why do you share information when you too is in the real estate business? I share because I learn as I share. I share because I get so much valuable information from other real estate professionals and it … (0 comments)
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hamp: Top 10 (+5) in 2010 - 01/03/11 09:41 PM
So now it's my turn to take a look at my 2010 blogs and see which ones brought in the most views and clicks. I had never thought about doing this until I read a few of the other ActiveRain.com bloggers and I thought maybe I should do it too. As I was strolling through the many posts that I have written, it started to get interesting to see which posts got the most attention.
These are some pretty good numbers: 1, 1, 30 ~ and here's my top 15. ... from the #1 in San Joaquin County, #1 in Stockton, … (0 comments)
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hamp: 2012 is around the corner.... time is tickin' - 12/19/10 10:39 AM
Its almost time to sing out Happy New Year! Hello 2011.
HOWEVER, 24 months is not that far away!! Options will change - so sit on the fence feeling that you have all the time in the world.....Remember seeing the words, "time is of the essence"? Well, that started back with the Mortgage Forgiveness bill that was passed back during the time when this foreclosure crisis really got rolling. The catch to the forgiveness is that it was passed only to last for a few years. The essence of that time allowed will expire on December 31, 2012.
So in essence homeowners … (0 comments)
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hamp: What is the MAKING HOME AFFORDABLE PROGRAM? - 08/29/10 10:16 PM
What is "The Making Home Affordable Program"?
The Making Home Affordable Program is a comprehensive strategy by the Obama administration to get the economy and the housing market back on track. The Making Home Affordable Program offers several options for homeowners:*
•1. (HAMP) Home Affordable Modification Program*
•2. (UP) Temporary Help : the Home Affordable Unemployment Program
•3. (HARP) which is a refinance program and the Second Lien Modification Program (2MP) If your current loan is owned by either Freddie Mac or Fannie Mae you might be eligible to refinance your home with HARP funds.
•4. (HAFA) offering alternatives to … (0 comments)
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hamp: Legal Seperation, Divorced & QuitClaim - what do they all have in common? - 07/22/10 03:47 AM
Legal Seperation, Divorced & QuitClaim - what do they all have in common? Answer: They can all help the one left behind possibly get a loan modification
This is a great bit of information for those couples that are having mortgage trouble and is looking to get an approved loan modification from the HAMP program. These couples that I am talking about are having "together" problems and are looking to resolve their relationship but do not know what to do about their property. This is the property that they are having the "underwater" problem and need assistance in lowering their mortgage payments.
… (5 comments)
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hamp: In Bankruptcy... you can still get a loan modification! Things are changing for the better. - 06/28/10 01:35 AM
Listen! You may be in bankruptcy, but it is still not too late to try to get a loan modification to reduce your payments. Nothing is worst than failure except not to try.
What loans are Eligible?
Loans 31 days or more past due (2 payments) Current or less than 31 days delinquent but is in imminent danger of default In foreclosure In active bankruptcy Loan in litigation Can have been modified in the past (but get only one HAMP modification) Escrows required except where prohibited by state law The goal of the HAMP program is to reduce borrower's mortgage payment … (2 comments)
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hamp: Lets explore.... HARP (Home Affordable Refinance Program) - and see if there is money in your home that you can use! - 06/28/10 12:48 AM
A good deal of the homeowners do not know that they can possibly refinance their loan as an option to keep their home. It is not an impossible option.
Borrowers who are current on their monthly mortgage payments (that mean no 30 days or more late payment in the most recent 12 months). Of course the property MUST be owner occupied and it cannot be over a 4 unit home (MUST be 1-4 units). The mortgage MUSt be either owned or guaranteed by Fannie Mae or Freddie Mac. Borrowers who may owe more than their home is woth, UP TO 125% … (0 comments)
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hamp: 5 quick questions, could land you a loan modification! - 06/27/10 11:48 PM
Are you having mortgage problems with your Principal residence and is it vacant or are you still living in it?
Is this your First lien & was it originated before January 1, 2009 ?
Is your mortgage delinquent or default is reasonably foreseeable (at risk) ?
Is your unpaid principal balance no more than $729,750 (higher limits for two- to four-unit dwellings) ?
Does your total monthly mortgage payment exceed 31% of your gross income ? ** this seems to be the most important question of them all. More people are unemployed and having an answer of no … (2 comments)
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hamp: Seek help ... learn the process! - 06/27/10 10:13 PM
The best way to help a homeowner learn about all their options is to make the information available. The best way to help is to point the homeowers to a housing counseling agency so that they will learn how the loan modification program works. They can have a counselor sit down and talk to the homeowner, get their budget and put them on a CRISIS BUDGET and submit their paperwork to their lender.
The lender will communicate to the homeowner if they have questions or when they make their decision on a loan modification or not.
HUD and HOPE NOW support the … (1 comments)
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hamp: What are my options - to avoid the F-word? .....Foreclosure - 06/27/10 12:13 AM
Loan Modification - Alternatives Options
Listed below are options that may help you avoid foreclosure. These options are the sole decision of your lender & you.
• Reinstatement of your loan: You would bring your loan current by paying the total amount paid due along with any related costs.
• Repayment Plan: If you qualify, your lender may be able to consider one or more types of payment plans to fit your budget.
• Restructure Plan: A restructure is used to avoid foreclosure by allowing you to bring your account current by deferring payments. This is a mutual agreement between you … (10 comments)
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hamp: Meeting President Obama is priceless! .. Nationwide effort by NID Housing Counseling Agency to help homeowners keep their homes! - 06/24/10 01:53 AM
Ray and Jacqueline Carlisle - Meet President Barack Obama. This is priceless!
NID-HCA (Housing Counseling Agency) is doing great things to lend a helping hand to help the distressed homeowners submit their paperwork to their lender in an effort to qualify for the HAMP program to avoid foreclosure and be able to keep their home. NID is also offering Pre-Purchase Homeownership training (First Time HomeBuyers). NID is nationwide with 88 local agencies.
During a recent presidential visit to the Bay Area, Jacqueline V. Carlisle and her father Ray Carlisle met with Barack Obama. Ms. Carlisle, who is President and CEO of … (0 comments)
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hamp: Can you blame the foreclosure for divorce and bankruptcy? or is the saying, its cheaper to keep 'em right on time? - 06/20/10 01:08 PM
It is not a surprise when you see ... that lovely couple now filing for divorce or bankruptcy or both. It is not much of a surprise, and it is becoming more than norm. Folks these times here are hard and is causing homes and families to break up in increasing numbers.
Example: you have one spouse that filed for divorce and said the other could just "have the house". That spouse called it helping the other spouse out by dumping that huge responsibility over to the other spouse ... so they can boogy on out of the marriage scot free (OR SO THEY … (2 comments)
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hamp: One mo 'gin.....what do you mean don't be mad at my bank? & What is the Waterfall approach? .. - 06/16/10 11:12 AM
The waterfall approach is a part of the Obama - Making Home Affordable Program - HAMP/Loan Modification. How it works is that if you are eligible for the HAMP program, your servicer's target goal is to get you modified down to 31% of your gross income (if you meet all the requirements).
The way that they figure out how to get you there is by using the waterfall approach:
decreasing your interest rate to 2% (if this does not get you to 31% of your gross income)... Extending your loan term from 30 to 40 years (and if this does not … (1 comments)
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