hamp: Making Homes REALLY Affordable? - 04/12/10 04:07 PM
Principal Writedowns + Help for Unemployed Homeowners:HAMP and Making Home Affordable Guidelines updated today are sounding pretty progressive: The much touted PR about Principal Balance Write Downs is being implemented by the first subscribers to the program: notably Bank of America, one of the most "hated companies in America"  according to Huffington Post, right behind GM and Chrysler. If the idea of principal write downs (lowering your loan balance) has any goodguy points be aware that we, you and I, will be paying for this via more bailout funds.Why Bank of America? In their assumption of failed Countrywide Bank, B of A has acquired … (0 comments)

hamp: OMG! 2MP=2nd Loan Modifications + Principle Reductions - 03/26/10 11:02 AM
2nd Loan Mod rumors have been around for some time. Who knew? My colleague has handled a few in the course of modifying combined loans. With different lenders it's not exactly a picinic. Officially, this Directive to modify 2nd Liens was issued in August 2009, but not adopted by any banks until January 2010. Now Bank of America, Wells Fargo, Chase (others mooted) are participating: Of course, Banks interpret these guidelines liberally as do the investors.  
According to a local Bankruptcy Attorney "This is good news for some of my clients.  In some Chapter 13 cases we are able to void the second mortgage if there is no equity … (5 comments)

hamp: HARPing about HAMP! - 03/06/10 06:47 AM
IS THIS GOOD NEWS? H.A.R.P., The Home Affordable Refinance Program and H.A.M.P., the Home Affordable Modification Program are working hard to earn trust from distressed homeowners. Or so they say. Fortunately, the Stimulus funds for HARP will be extended at least until June 2011. HAMP has been working a bit harder for people with underwater homes -- that is if you owe more than your home is worth up to 25% negative value or 125% LTV.Define underwater: You see, if you owe more than your home is worth, your lender takes a rather dim view of the risk factors for your likely … (4 comments)

hamp: HAMPer full of Hope? - 01/19/10 05:36 PM
Fact: Less than 7% of the homeowners who entered Trial Modification Periods for the Housing Affordable Modification Program (HAMP) in some form have succeeded to date: http://abcnews.go.com/Business/wireStory?id=9572114
This news has spurred updates on the government site: www.makinghomeaffordable.gov
Enter the new 'Conversion Campaign'
According to MHA: "The Home Affordable Modification Program requires borrowers to enter into a Trial Period Plan before receiving a permanent Home Affordable Modification." Which suggests that you 'may' be converted to a permanent program after your required trial. Or does it? Exactly who decides who gets to move ahead into modification bliss and who gets denied? That part is quite a mystery. The link on ABC News above has … (0 comments)

hamp: OBAMA "Gives and Tells"! - 12/02/09 12:33 PM
Congress has gifted over $700 BILLION to the banks to save themselves and help homeowners avoid foreclosure. So is it working? Obama says not yet and he's going to name names of the banks who are dragging their feet!
Heavens, we are not complaining about a promise of hundreds of Billions in TARP money going to banks to help homeowners avoid foreclosure and modify their mortgages right now! These funds are sorely needed to stop this train now wrecking many American homes. Recent New York Times articles describe in horrific detail the problems with the HAMP and Making Home Affordable programs so touted by Fannie … (6 comments)

hamp: HAMP'n in the 'HOOD! - 10/07/09 11:00 AM
Home Affordable Modification Program (HAMP) Update
Freddie Mac has been reduced to going door to door to attempt stopping foreclosures. Well...wonder how they are being received by their beleaguered mortgagees? Anybody seen Freddie on your street yet?
$4.7 Billion headed to the usual suspects: To date, our modification partner's experience with the primary originating banks of so many distressed homeowners has been pretty hard going. Oddly, the HAMP program has not been all that popular with some of the biggest banks with the highest foreclosure rate. Namely Countrywide, GMAC, Citi, National City Bank. So to encourage these big banks to actually USE the government foreclosure … (4 comments)

 
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