Fannie Mae Institutes the “Alternative Modification”
Sacramento Certified Pre-Foreclosure Specialist Report: Fannie Mae's Alternative Modification [caption id="attachment_1761" align="aligncenter" width="375" caption="Fannie Mae Institutes Alternative Modification for those who don't qualify for HAMP"][/caption] Modification News from DSNews: Servicers are working faster and more diligently to convert trial modifications to permanent status under the administration’s Home Affordable Modification Program (HAMP). In February, the number of mods in thepermanent column increased 45 percent compared to January. But the bitter truth is that some homeowners won’t qualify for long-term relief even after successfully making their trial payments – whether it’s because of insufficient documentation during the final application process or because once income is verified, their debt-to-income ratio pushes them out of the qualifying bracket. To offer these homeowners another option, Fannie Mae is instituting...
White House Sends First Pre-Foreclosure/Loan Mod Report Card
Program was designed to help 4 Million Homeowners... Bank of America and Wells Fargo both got very low marks on the Obama administration's first monthly report card on the program designed to help stem the foreclosure crisis. But the real problem lies in the vact that only 15% of eligible borrowers were offered the loan modification program. In March, the government launched a $50 billion program to help up to 4 million financially troubled borrowers by modifying their loans to lower the payments. But the administration is off to a slow start; according to the first monthly progress report on the performance of the loan modification program introduced by the Obama administration, only 15% of the borrowers eligible to participate in the program have been...
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