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Plenty of Loopholes in New HAMP Writedown Plan
If you’re more than 15% underwater on your mortgage and are eligible for HAMP, you could benefit from changes that will hopefully motivate lenders to writedown more principal in more cases. The changes will require all servicers to consider an alternative modification approach which includes writedown of some principal for loans that are over 115 percent of the current value of the property (LTV).
Continue reading...5.66 Percent of Eligible Mods Go Permanent
25. March 2010
5.66% of eligible mods were permanent in January according to the Treasury Dapartment. GMAC leads the pack at over 19% and Wachovia is in last place according with 1.39%. Check out how your lender is doing...
Continue reading...7 Fatal HAMP Flaws – Why Servicers Won’t Modify Your Mortgage
22. March 2010
If you’ve been struggling with your lender to get a Home Affordable Loan Modification, the fact that a measly 5% of ‘eligible’ homeowners (170,000 to be exact) have actually entered into a long term modification plan with their lender won’t come as surprise. It’s likely that your effort has drug on for months or, worse, you’ve been denied one or more times just to be told to reapply. Why is this? Well, as it turns out and we’ve reported before, there are actually 7 major flaws with HAMP that put its success in jeopardy and act as disincentives to lenders and servicers.
Continue reading...The Standard Second Mortgage Modification Process
12. March 2010
Ever wondered how your lender decides how to modify your second mortgage in a HAMP modification? It's complicated and intricate, but we pulled this step-by-step guide off their administration website for your reference.
Continue reading...HAMP for 2nd Mortgages
11. March 2010
Under 2MP, when your first lien is modified under HAMP and the servicer of the second lien is a 2MP participant, that servicer must offer either to modify your second lien or agree to extinguish it. Come see if your second mortgage is eligible.
Continue reading...HAMP Trial Plan Fraud: What Can You Do?
9. March 2010
Have you been offered a trial plan from your lender through HAMP? Did you complete all your trial plan payments but now your lender isn’t doing what you thought they agreed to do? What options do you have? Can you make them perform?
Continue reading...President Obama Considering National Foreclosure Ban
1. March 2010
President Obama and his administration are floating an idea to prohibit lenders from foreclosing on a home unless the borrower has been considered for the government’s Home Affordable Modification Program (HAMP)...
Continue reading...Your To-Do List for a Permanent Mortgage Modification
26. February 2010
The Making Home Affordable people just released a video about what steps you need to take to obtain a permanent mortgage modification. Come watch it and share your thoughts! We've also included direct links to some of the most important and relevant resources we've found.
Continue reading...You’ve Been Turned Down for HAMP…Now What?
17. February 2010
I’ve been hearing from a lot of people lately that have been turned down for for a Home Affordable Modification Program mod. The reasons vary and some lenders won’t even give reasons. But did you know you can ask your lender to reconsider your modification request? And in some circumstances they’re actually required by law to reconsider your application.
Continue reading...Will You Qualify for a Loan Mod?
15. February 2010
When you’re beginning your research into whether or not your loan can be modified, it’s very hard to get anyone to let you inside the numbers at the bank. But without out some help, you could waste a bunch of time and energy…and your family’s hope…trying to secure a modification you’ll never get.
Continue reading...HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”
11. February 2010
According to the Obama Administration, HAMP's not about modifying loans! They're more concerned with helping homeowners "avoid foreclosure." With a paltry 66,000 loans permanently modified through the end of December, it sounds like the administration is pulling a bait and switch...and it may cost you your home...
Continue reading...Changes to How Fannie Mae Determines Imminent Default
8. February 2010
If your mortgage is held or serviced by Fannie Mae, whether or not you’re considered in danger of imminent default may be up for reconsideration..which may be good or bad....come see why...
Continue reading...Net Present Value and Why It Matters to You
29. January 2010
The Obama administration’s Making Home Affordable program requires that a modification be made when the net present value test is passed. Most servicers should be using net present value calculations to determine whether or not to offer a loan modification to homeowners in default. Today's article tells you what net present value is and why it matters...
Continue reading...Servicers Make More by Foreclosing than Modifying
28. January 2010
Foreclosures are a costly ordeal for the homeowner, the lender, and the community. Yet they continue to outstrip loan modifications because servicers have no incentive to help borrowers stay in their homes. Come read more and download the free 60 page special report...
Continue reading...HAMP – Temporary Review Period for Active Trial Modifications Scheduled to Expire on or before January 31, 2010
6. January 2010
Effective December 23, 2009 and lasting through January 31, 2010, Treasury is implementing a review period for all active HAMP trial modifications scheduled to expire on or before January 31, 2010. Servicers may not cancel an active HAMP trial modification during this period for any reason other than failure to meet the HAMP property eligibility requirements. If you're in a HAMP trial period or have been kicked out of yours, you MUST read this post NOW!!!
Continue reading...Monsters, Mortgages & Making Sense of it All
30. December 2009
Someone asked me the other day in a message…. “and what has happened since your last post?” I realized that I had shared bits and pieces of the developments of our mortgage, without really going into detail. Come and read how the story of LaylaU's HAMP modification turned out and get some inspiration for your own journey/struggle.
Continue reading...Mortgage Modification Conversion Drive – Part 2
28. December 2009
The new Obama Mortgage Modification Conversion Drive includes more servicer accountability, web-based tools for borrowers, and engagement of local and state agencies; but will it be any better for borrowers in the end?
Continue reading...Obama administration Kicks off Mortgage Modification Conversion Drive
26. December 2009
The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) kicked off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgages under the Obama Administration's Home Affordable Modification Program (HAMP) convert to permanent modifications. Come to the site to see what it means for you and your modification.
Continue reading...Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
9. September 2009
According to a story in yesterday’s DSNews, a senior Wells Fargo executive was called into court to testify about why the company didn’t operate in good faith as it considered a loan modification of a homeowner in Phoenix. Come see what happened and what it means for your efforts...
Continue reading...Calling Your Servicer About Loan Mods – Is Success Possible?
8. September 2009
A video released by Freddie Mac says that it is…and that having your documents all lined up and ready to go will help make things easier for you and your servicer. I think you'll agree the video over simplifies a very complicated and convoluted process and makes it appear as if the problem is with homeowners not being prepared when they call their servicer. Com see if you agree...
Continue reading...Treasury Issues Mortgage Loan Report Card
5. August 2009
The Treasury Department releases its first monthly "report card" tracking how the various banks and mortgage companies are doing in their efforts to prevent foreclosures. The Obama administration is pressuring the mortgage industry to do more. The latest figures indicate foreclosure rates keep rising. Come listen to the NPR report and then chime in with your experience.
Continue reading...Home Affordable Mods Come to FHA
4. August 2009
Do you have a FHA mortgage on your home and wish you could participate in the Home Affordable Loan Modification program? Up until now, you couldn’t…but that’s changed! Come see how as well as why it's a blessing in disguise!
Continue reading...Will Freddie Mac’s New Effort Help You?
3. August 2009
Regardless of whether or not you have a Freddie Mac loan you’re trying to get modified, you know servicers are way understaffed to effectively help the tens of thousands of homeowners they hear from every week. Everyone knows the servicers need more help…and now Freddie Mac is doing something to address the problem. Come to the site to see what it means for you...
Continue reading...Imminent Default – An Example
26. June 2009
This is a follow-up to our article on determining imminent default for a Home Affordable Modification, which lists the Freddie Mac guidelines for these calculations. If you were confused by the legalese of that article, this case study may ehelp you figure out whether your lender will consider you in danger of imminent default or not.
Continue reading...How to Determine Imminent Default – Home Affordable Modifications
21. June 2009
According to President Obama's Home Affordable Modification Program, missing payments isn't a requirement for you to qualify. As a matter of fact, one of the stated goals is to reach homeowners who are in danger of "imminent deafult." One of the problems, though, is that no one has been talking about what that actually means. For today's article, I went straight to the source...Freddie Mac...and got the answer. Now you'll know exactly how to figure out if you're in danger of imminent default from your servicer's perspective and what to do if they say you aren't.
Continue reading...
- You've Been Turned Down for HAMP...Now What?
- Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
- HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”
- Plenty of Loopholes in New HAMP Writedown Plan
- Foreclosures Take 12 Months on Average
- Continuing the Predatory Lending Fight
- Net Present Value and Why It Matters to You
- Chase Plans Foreclosure Prevention Events
- Mortgage Modification Conversion Drive - Part 2
- HAMP Update – New Program Offers Borrowers Foreclosure Alternatives
- Todd Temaat: The bottom line is that once the home is sold, it'...
- Todd Temaat: First of all, just because the bank says you CAN s...
- Todd Temaat: I'd recommend going to your state attorney general...
- Jane Stewart: Dear Todd, We got behind on our mortgage and was ...
- D Weaver: I applied for the Home Modification program last m...
30. March 2010
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