WereHereToHelp.ORG Facebook WereHereToHelp.ORG Twitter

Changes To HAMP Timelines; Consumer Protection To HAMP; How To Get HAMP Approval



Newest HAMP changes give more time to struggling homeowners

Newest HAMP changes give more time to struggling homeowners

Sacrament Short Sale Specialist and Leading Short Sale Agent Forth Hoyt Reports: Treasury makes even more changes to HAMP

Get HAMP Approval

Learn Which Government Program You Qualify For:

Check your Eligibility Now!

After Many, Many Complaints, The Treasury Implements Even More Changes And New Guidelines to HAMP. With only 170,000 people now in long term modifications, HAMP is coming uner fire.

Why Isn’t HAMP Working?

Most people don’t realize the foreclosure process does not stop in the loan modification trial period; the foreclosure clock keeps ticking.  Most borrowers going into the program are already in the foreclosure process; the Notice Of Default has been filed and the Notice of Trustee Sale is on its way.   Because of the fact that the foreclosure process does not stop in the HAMP trial modification process, if a homeowner skips a beat, has another setback, or even a payment gets lost in the mail, the servicer has been moving forward on the foreclosure and the foreclosure trustee sale date is sometimes just days away from a failed loan mod.

So the new HAMP ruleswill give 30 days for the homeowner to respond, and appeal to a non-approval notice before moving abead with the foreclosure.  It also gives assurance that every homeowner that misses two payments will be contacted and offered HAMP before any foreclosure filing can take place.

Here’s  part of agreat  article from the Baltimore Sun

The HUD press release is … well, not exactly clear-cut about what those changes are. So here’s the translation offered by the Consumer Federation of America:

· Requiring participating servicers under HAMP to offer at least 3 months’ forbearance of mortgage debt for unemployed borrowers, and encouraging such assistance for up to 6 months.

· Requiring participating servicers to use principal reduction as a primary means of reducing borrowers’ payments where loans are more than 115 percent of the current home value.

· Offering borrowers that are current on their mortgages but with debts greater than their home’s current value the opportunity to refinance into a lower cost, long-term fixed rate mortgage insured through the FHA if the current lender will agree to reduce principal owed by at least 10 percent and the total combined debt including any second liens would be no greater than 115 percent after the refinancing.

· Requiring HAMP servicers to work with borrowers in bankruptcy on mortgage modifications, and waive the trial period for such modifications if consumers have been successfully performing under bankruptcy settlements.

· Increasing the incentives to get second lien holders to reduce their claims to facilitate modifications.

· Clarifying that HAMP servicers must suspend all foreclosure actions and notices for borrowers that have sought modifications or are in trial modification periods, and requiring a written certification that a borrower is not HAMP eligible before an attorney or trustee can conduct a foreclosure sale.

Here’s another article I found on the HAMP changes from DSNews.com

Is the Home Affordable Modification Program (HAMP) really preserving home ownership?  That’s the question posed by lawmakers sitting on the House Committee on Oversight and Government Reform Thursday.

The administration’s foreclosure prevention plan has come under heavy fire lately, with critics taking aim at everything from the program’s turtle-like conversion rates to officials’ ‘revised’ modification goals to servicing staffs’ lack of capacity and expertise to handle large modification volumes.

In response to all the flying bullets, Assistant Treasury Secretary Herbert Allison announced at the House committee hearing Thursday that the administration has decided to incorporate new consumer protection policies into its modification program.

Beginning June 1, HAMPservicers must evaluate all homeowners who have missed at least two mortgage payments for the program. No foreclosure can begin unless the borrower does not respond to the servicer’s outreach efforts, is determined to be ineligible for HAMP, or fails to make their trial modification payments.

Servicers will be required to provide borrowers with clear written communications explaining the foreclosure and modification procedures and stating that a foreclosure sale will not take place during the trial period.

If a borrower is found ineligible for HAMP, a foreclosure sale cannot be scheduled sooner than 30 days after the date of a non-approval notice so that the borrower has a chance to respond and appeal. Servicers must also certify to their foreclosure attorneys that a borrower is not eligible for HAMP before a sale may be conducted, and are now required to consider borrowers in active bankruptcy for HAMP if a request for modification is made.

Allison told lawmakers that the changes will “help address some of the confusion and anxiety that some borrowers reported surrounding their rights during the evaluation process.”

The official implementation of the new policies comes less than a month after DSNews.com reported that the administration was considering such changes, after receiving numerous complaints from borrowers and their foreclosure counselors that the program just wasn’t working for them.

84 Responses to “Changes To HAMP Timelines; Consumer Protection To HAMP; How To Get HAMP Approval”

  1. obat sipilis denature indonesia

    Obat sipilis ampuh dari CV. Denature Indonesia merupakan salah satu produk herbal terpercaya untuk penyembuhan penyakit sipilis dengan cepat dan aman tanpa efek samping ataupun ketergantungan obat. Hal tersebut telah dibuktikan dengan terdaftarnya prod…

  2. This is a topic that’s near to my heart… Thank you! Exactly where are your contact details though?

  3. please stop by the web sites we follow, which includes this one, because it represents our picks from the web

  4. check below, are some entirely unrelated sites to ours, even so, they may be most trustworthy sources that we use

  5. After I originally left a comment I appear to have clicked the -Notify me when new comments are added- checkbox and now whenever a comment is added I get 4 emails with the exact same comment. Is there a means you can remove me from that service? Thanks a lot!

  6. Thank you, I have just been looking for info about this subject for ages and yours is the best I have found out till now. However, what in regards to the bottom line? Are you certain concerning the supply?

  7. usually posts some quite interesting stuff like this. If you are new to this site

  8. An impressive share! I’ve just forwarded this onto a co-worker who was conducting a little homework on this. And he in fact bought me breakfast due to the fact that I stumbled upon it for him… lol. So let me reword this…. Thank YOU for the meal!! But yeah, thanks for spending some time to discuss this topic here on your website.

  9. I was excited to discover this great site. I wanted to thank you for your time due to this wonderful read!! I definitely appreciated every part of it and I have you book marked to see new information in your website.

  10. leds says:

    Hello there! This blog post couldn’t be written any better! Looking at this article reminds me of my previous roommate! He constantly kept preaching about this. I’ll forward this post to him. Fairly certain he will have a very good read. I appreciate you for sharing!

  11. Very good blog post. I certainly appreciate this site. Thanks!

  12. page says:

    I simply want to tell you that I’m beginner to blogs and certainly enjoyed you’re web site. Very likely I’m want to bookmark your site . You actually come with excellent article content. Many thanks for sharing your web page.

  13. Having read this I thought it was extremely enlightening. I appreciate you spending some time and effort to put this article together. I once again find myself spending a significant amount of time both reading and leaving comments. But so what, it was still worth it!

  14. An impressive share! I’ve just forwarded this onto a friend who has been conducting a little homework on this. And he actually bought me lunch because I stumbled upon it for him… lol. So allow me to reword this…. Thanks for the meal!! But yeah, thanx for spending time to talk about this matter here on your website.

  15. read here says:

    I was more than happy to find this web site. I need to to thank you for ones time just for this fantastic read!! I definitely liked every bit of it and I have you saved as a favorite to see new information on your blog.

  16. I’m excited to uncover this website. I wanted to thank you for ones time just for this wonderful read!! I definitely appreciated every part of it and i also have you book marked to look at new information on your blog.

  17. there are professional

    I would like

  18. viagra says:

    I�ve usually believed

    After study some

  19. Thanks a bunch for sharing this with all people you really recognize what you’re talking approximately! Bookmarked. Kindly also talk over with my website =). We can have a link change contract between us!

  20. Sites of interest we’ve a link to

  21. Sites of interest we’ve a link to

  22. always a significant fan of linking to bloggers that I really like but don

  23. we came across a cool web-site that you just may delight in. Take a look in the event you want

  24. check beneath, are some absolutely unrelated internet websites to ours, nonetheless, they are most trustworthy sources that we use

  25. Hello there, I do believe your blog might be having web browser compatibility issues. When I look at your site in Safari, it looks fine however, when opening in I.E., it’s got some overlapping issues. I just wanted to give you a quick heads up! Besides that, fantastic website!

  26. although sites we backlink to below are considerably not associated to ours, we really feel they may be in fact really worth a go via, so have a look

  27. click this says:

    I’m impressed, I have to admit. Seldom do I come across a blog that’s equally educative and interesting, and without a doubt, you’ve hit the nail on the head. The problem is an issue that not enough folks are speaking intelligently about. I’m very happy I found this in my hunt for something regarding this.

  28. Hi, I do believe this is a great blog. I stumbledupon it ;) I’m going to come back yet again since I book-marked it. Money and freedom is the greatest way to change, may you be rich and continue to help other people.

  29. I absolutely love your blog.. Very nice colors & theme. Did you make this amazing site yourself? Please reply back as I’m hoping to create my own personal site and want to know where you got this from or what the theme is called. Thank you!

  30. the time to study or go to the subject material or internet sites we have linked to beneath the

  31. check below, are some totally unrelated internet websites to ours, however, they’re most trustworthy sources that we use

  32. You’re so awesome! I do not think I have read through anything like that before. So good to find someone with unique thoughts on this subject. Seriously.. thank you for starting this up. This site is one thing that is required on the internet, someone with some originality!

  33. I’d comment on this, but? I’m too busy blogging.

Leave a Reply