Loan Mod Turned Down or Dragging On & On? If you own a home and your loan modification has been denied or your HAMP trial modification has persisted for more than 6 months it is definately time to examine other foreclosure alternatives (short sale, HAFA short sale, reinstatement, forbearance plan, renting out the home, etc.). As banks recovered from the housing crisis with massive government assistance more and more distressed homeowner's have been denied conventional and government backed loan modifications. Why? Because the Making Home Affordable program … (8 comments)
hamp: HAMP Failing To Prevent Delinquency - Is Failure The New Success?
- 11/16/10 06:58 AM
HAMP Failing To Prevent Delinquency in a durable fashion... But don't tell that to the administration and the Treasury Department. Has the Making Home Affordable program (HAMP) been the success that the administration and the Treasury Department asserted it would be? The facts about loan modification paint a different picture. The Making Home Affordable Servicer Performance Report through September 2010 begins with a "Report Highlights" section. I have to say after reviewing the entire report I had to go back and read the "Highlights" again. If these are the highlights then I don't think we want to see the lows. "Early data indicate that … (5 comments)
hamp: Making Home Affordable (HAMP) Loan Modification Warning
- 08/13/10 10:07 AM
Making Home Affordable Is Providing A False Sense Of Security Too Often. Admission into the trial modification phase of MHA does not mean you are in the clear! Unfortunately less than 25% of all trial modifications initiated under the program have resulted in permanent loan modifications. (Don't take my word for it either, verify the facts by reviewing the latest MHA Servicer Performance Report.) This fact alone is frightening enough but it does get worse... More and more often I am encountering homeowners that applied for and were admitted in to a trial loan modification under the Making Home Affordable (HAMP) Program only to be … (0 comments)
hamp: Making Home Affordable Loan Modification A Lost Cause?
- 06/03/10 10:10 AM
Known by a variety of names (Obama Loan Mod, HAMP, Making Home Affordable, etc); is the government loan modification a lost cause? At present time the "numbers" are dismal and I can only conclude that this effort to help homeowners retain their homes has by and large been an abject failure. Here are some key observations based on statistics (the Treasury Department's figures mind you) thru April 2010: 1. Fewer than 1 in 5 of the trial modifications initiated under the program have resulted in a permanent loan modification. 2. The average back-end ratio (cost of housing + all other debts … (0 comments)
hamp: Another Successful Making Home Affordable Loan Modification - Orange County California Short Sale Realtor
- 01/21/10 09:06 AM
Short Sale vs. Loan Modification Another successful Bank of America Making Home Affordable Final Modification completed today! This SoCal client had fallen behind on his mortgage payments with (Countrywide) BofA because his significant other (not married and not on the loan) left him. Without this income he fell behind and couldn't obtain assistance from the bank on his own. After analyzing his situation we urged hime to do a short sale. He owed $341,000.00 to Bank of America (thankfully no 2nd mortgage) on the home and it was only worth $293,000.00 at the time. Homes are funny things though... he couldn't quite make … (4 comments)
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