Owners of Temecula Real Estate in Temecula, CA who want to Stop Foreclosure may eligible for a loan modification under the Making Home Affordable - Home Affordable Loan Modification Program (or HAMP).
HAMP modification steps are:
- First, reduce the interest rate to as low as 2%,
- Next, if necessary, extend the loan term to 40 years,
- Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.
Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.
With all the stories out there about the difficulties homeowners have had in trying to get a loan modification you may be wondering if your lender is even doing loan mods.
Are you interested in knowing if your bank is participating in the efforts to do Loan Modifications under the HAMP program?
The chart below shows a percentage of Active Trial Modifications or Permanent Loan Modifications done by each bank with regard to the total number of loans that are eligible under HAMP guidelines.
The results may surprise you.
It's pretty clear that while GMAC is not the biggest servicer, they are doing more loan modifications per loan they service than any other bank. It's also pretty clear that while Wachovia has become a Listing Agent's favorite bank to work with on a Short Sale (see my post on that topic here - Wachovia / Wells Fargo reaching out to Temecula Homeowners), they are far more interested in doing Short Sales (and foreclosures) than HAMP loan modifications.
For more statistics and to view my complete report, you can see it here - Making Home Affordable - The banks get another report card
If you're looking for a good company to help you with your Loan Modification, contact me. I don't do them myself but I can make sure you get teamed up with a reputable company that only gets paid at the end if they're successful in getting you the loan modification.
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