Posts Tagged ‘Home Affordable Modification Program’

Saturday, February 12, 2011

Having Problems Short Selling Your Home

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http://www.realtor.org/government_affairs/gapublic/making_home_affordable_servicer

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What Should You Do If You Think a Servicer Isn’t Following the Making Home Affordable Program Guidelines

Members have called NAR asking what to do if they think that servicers are not following the guidelines for the Obama Administration’s Making Home Affordable Program for modifying eligible mortgages and refinancing Fannie Mae and Freddie Mac mortgages. Here are the recommended steps to take:

1) First, go to www.makinghomeaffordable.gov, the official Treasury website for the Making Home Affordable Program. At the site, determine whether the loan is owned or guaranteed by Fannie Mae or Freddie Mac by clicking “Loan Look Up” on the ribbon on the top of the home page. Only the holder of the loan is allowed to perform this , so do in the presence of your client or after obtaining their written permission.

If the loan is a Fannie Mae or Freddie Mac loan, call (1) 1-800-7Fannie or (1) 1-800-Freddie, as appropriate, describing the specific inconsistency. Do this whether the issue relates to the refinancing or the loan modification program.
2) Next, if the loan is not owned or guaranteed by Fannie Mae or Freddie Mac you can determine if the servicer is participating in the Home Affordable Modification Program (HAMP) by going to the website and clicking “Contact Your Mortgage Servicer” on the top ribbon. To date, 16 servicers are participating, covering more than 80% of all mortgages.

If the servicer is participating, the first step is to contact the servicer using the phone number or email address listed on the site so you can appeal the issue to a supervisor. Be sure to identify the specific provision of the guidance that you believe is not being followed. If the supervisor cannot or will not correct the problem, call 1-800-7Fannie to report the disagreement. Fannie is administering the program for the Treasury Department and will work to resolve the issue.

Making Home Affordable Program Website (consumer friendly)
www.MakingHomeAffordable.gov

Site for Detailed Information on Making Home Affordable and Other Government Programs
www.FinancialStability.gov

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

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Posted in General, General Info, Selling A House

Tuesday, August 24, 2010

Mortgage Modifications Drop off in July but Improvements Seen in Backlog

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Mortgage Loan Fraud Assessment based upon Susp...
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By Mary Ellen Podmolik

RISMEDIA, August 23, 2010— (MCT)—The Treasury Department reported Friday that far fewer delinquent mortgage borrowers received loan modifications through a federal government program in July than they did in June.

In July, almost 37,000 borrowers received new permanent modifications, according to Treasury’s monthly scorecard on the housing market. That compares with more than 50,000 new permanent modifications made in June through the government’s Home Affordable Modification Program.

Meanwhile, the more restrictive requirements that homeowners now need to meet to receive even a trial modification has dramatically shrunk the number of residents who have received them. Half of the 1.3 million trial modifications begun since the program’s inception have been cancelled.

Assistant Treasury Secretary Herb Allison said most cancellations can be attributed to insufficient documentation proving one’s income, missed trial payments or mortgage payments that were already less than 31 percent of a homeowner’s income.

There also has been some improvement in the backlog of modification applications waiting six months or more for a decision. At the end of July, Bank of America and JPMorgan Chase accounted for half of the 118,000 active trial modifications where it was undetermined whether a permanent modification would be made. Allison said decisions on most of those modifications should be made within the next month or so, but he warned that cancellations will exceed the number of new permanent modifications as that backlog is cleared.

“A number of people who got stated income modifications did not meet the qualifications, but most of these people are still being assisted either with a proprietary modification by the servicer, or they’re getting other relief, or they’ve become current in the meantime,” he said.

Through the end of June, the nation’s eight largest servicers have initiated foreclosure proceedings against more than 40,000 homeowners whose trial modifications have been canceled.

(c) 2010, Chicago Tribune.

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Posted in General, General Info, Loans