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hamp: HAMP Program Expanded-Updated Program Options Help More Homeowners - 04/12/10 05:25 PM
he Fed has updated and expanded their home retention outreach called HAMP in hopes that it will offer a solution to more homeowners.  Unfortunately, the number of borrowers who have received help to date is pretty dismal, and the Treasury Department is trying to avoid having to take the blame for the billion dollar failure by reaching out to more homeowners.  Effective April 5th, the expanded guidlines will now offer something for everyone (not quite-but close!)
The HAMP option will now be offered in a revised form to those homeowners who are unemployed and who have lost a lot of equity … (1 comments)

hamp: Obama's 2% Loan Modification Plan Details & Benefits - 01/31/10 06:54 PM
Borrowers who are struggling with loss of income, increased expenses or some other financial hardship may be able to get help with a government rescue plan paid for with $75 billion in stimulus money.  President Obama's Home Affordability plan is available for borrowers who can no longer afford their mortgage and are facing the possibility of default or late payments.  Learn how the loan modification process works and just what it takes to qualify for this federal assistance program.
Would a 2% interest rate on your home loan help you to be able to afford your mortgage?  When a borrower qualifies … (0 comments)

hamp: HAMP Approval Guidelines-Obama's Loan Modification Rescues Homeowners - 01/31/10 06:41 PM
Feel like you are painted into a corner and running out of out of options because of high mortgage payments?  Wait, you may be able to end the stress and frustration by qualifying for a HAMP loan modification using Obama's federal loan modification plan. The benefits of this government funded loan workout include reduced interest rates, longer loan terms and even principal reductions for homeowners who can meet the eligibility requirements. Here are some details of the plan and how you can apply.
The Treasury Department has approved banks to offer loan modifications using the federal plan called, Home Affordable Modification … (1 comments)

hamp: How to Handle Clients Loan Modification Questions Ethically & Legally-HAMP & HAFA - 01/25/10 02:42 PM
 
What is the best way to handle your client’s inquiries about a loan modification?  It is very common for this subject to come up during conversations, listing appointments and meetings with homeowners-the current housing and economic circumstances have caused a lot of fear and confusion for everyone.  Like it or not, the reality of today’s market dictates that a Realtor should have at least a general knowledge of the various home retention options and exit strategies available to homeowners-options that may have not been available in the past, but are now commonplace-such as loan modification, short sale, deed-in-lieu & foreclosure.
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hamp: Loan Modification Programs Top 10 FAQS for Every Homeowner - 01/25/10 09:55 AM
LOAN MODIFICATION PROGRAMS – TOP 10 FAQS
 
Here are the most frequently asked questions about loan modification programs that I receive and the answers based on my 25 years of wholesale and retail lending experience:
1.  What is a loan modification program?  A loan modification program offers a change in the terms of your existing home loan resulting in an affordable and sustainable monthly loan payment.  The loan modification program may include a reduction in the interest rate, a longer loan term, and sometimes a reduction in the principle balance.
2.  Why would my bank be willing to do this for me?  Your … (2 comments)

hamp: Indymac Loan Modification with Obama's HAMP Guidelines for Approval - 01/21/10 10:02 AM
Can you benefit from an Indymac loan modification using Obama's HAMP plan? This federal program is called Home Afffordable Modification or HAMP for short.  If you are stuck in an unaffordable mortgage and facing a financial hardship situation, you need to learn how to apply and qualify for help using this government program. Here is a basic overview of the guidelines for approval and the terms offered for eligible homeowners.
Basic guidelines for Indymac HAMP Approval:
You must live in the home as your primary residence Your loan must have been originated before January 1, 2009 The loan amount must be … (0 comments)

hamp: HAMP Federal Loan Modification-Are Homeowners Set up to Fail? - 12/26/09 03:02 PM
The Home Affordable Loan Modification Plan or HAMP, was designed and implemented by the Treasury Department to help almost 5 million homeowners stay in their homes and avoid foreclosure.  This program is subsizided by almost $75 billion in TARP funds, and offered the first standardized and streamlined guidelines for loan workout options.  Finally, a light at the end of the tunnel for frustrated and hopeless homeowners!  Really?  Well, it hasn't turned out quite like we thought-8 months into the program and only 728,000 borrowers have received temporary loan modifications.  Only a fraction of those have been made permanent-so what the problem?
… (3 comments)

 
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Susan V. Gregory

Dana Point, CA

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Newman Realty

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