Comments on: Treasury Updates HAMP Guidelines, Might the Program Work Now?

By: Jerry Brooks

Jerry Brooks — Mon, 20 Jun 2011 08:28:32 +0000

You are absolutely right on this post. We did qualify for the HAMP on our first loan. We also applied for a HAMP on the second at the same time, that was 6 months ago, and the second states they cannot approve the HAMP / CHAMP until the state sends them a letter stating that our HAMP was approved for the 1ST.

On the 13th of June we received a letter from the 2ND that they are going to start forclosure proceedings in 32 days unless we get paid current. Yes, we even had a Chapter 7 Bankruptcy and the 1ST is upside down, they want to take our home?

Can anyone tell me exactly who we can contact to get assistance with this matter? The 2ND is not "playing ball" with the HAMP, and yes, they received TARP money.

Thanks

By: AgentGenius

AgentGenius — Wed, 01 Sep 2010 16:18:08 +0000

#agnow The program won't work until the requirements allow the formula to be this: (1st mortgage + 2nd mortgage + ... http://bit.ly/91V3Q2

By: Penny

Penny — Wed, 01 Sep 2010 05:19:12 +0000

The program won’t work until the requirements allow the formula to be this:
(1st mortgage + 2nd mortgage + taxes + insurance + home owners association fees) equal less than or equal to 31% of gross income. As it stands now, only the first, not the first and second are included. People got into financial distress due to interest only 1st mortgages, which have low payments. The problem is the SECOND mortgage… Until this is addressed, very few people qualify for HAMP. And if they don’t qualify for HAMP for the 1st, the 2nd mortgage company will not play ball….

By: AgentGenius

AgentGenius — Wed, 24 Feb 2010 04:55:11 +0000

#agnow [...] fund piggybacks the existing $75 billion Home Affordability Modification Program which has been called... http://bit.ly/91V3Q2

By: Obama Announces $1.5 Billion in Housing Aid – Oh Really?

Obama Announces $1.5 Billion in Housing Aid – Oh Really? — Tue, 23 Feb 2010 23:55:09 +0000

[...] fund piggybacks the existing $75 billion Home Affordability Modification Program which has been called a colossal failure on all sides of the aisle. The Associated Press reports that only 12% of applicants have been [...]

By: AgentGenius

AgentGenius — Mon, 15 Feb 2010 20:41:54 +0000

#agnow [...] 4) Treasury Updates HAMP Guidelines, Might the Program Work Now? – So HAMP was a failure, but now w... http://bit.ly/91V3Q2

By: The Ten Best Articles in RE.net This Week: Feb. 6, 2010 Edition

The Ten Best Articles in RE.net This Week: Feb. 6, 2010 Edition — Mon, 15 Feb 2010 15:22:09 +0000

[...] 4) Treasury Updates HAMP Guidelines, Might the Program Work Now? – So HAMP was a failure, but now we are going to have new HAMP guidelines which should make the process of failure much quicker. When can we stop with all this feel-good bs and get down to something that would really work to fix the housing crisis. [...]

By: AgentGenius

AgentGenius — Thu, 11 Feb 2010 00:09:21 +0000

#agnow As a participant in the HAMP program, I can only give you the "why" I applied for the program, and the likel... http://bit.ly/91V3Q2

By: Rick

Rick — Wed, 10 Feb 2010 18:16:08 +0000

As a participant in the HAMP program, I can only give you the “why” I applied for the program, and the likely end result. The reason boils down to unfunded mandates. I own an owner occupied 3 family house, that I bought 6 yrs ago. My mortgage at the time was $1300. Within the first 2 years a federal law was passed which persuaded me to get an equity loan to make my home lead safe, next the variable equity rate jumped, I refinanced. After property re-evaluation in 2007, my taxes went sky high, the mortgage now was $1900. I was now paying the same as my tenants to make the monthly mortgage payment. I dropped my health Ins. to help keep the costs in balance. Then in 2009 FEMA re-mapped the US, and now classified my home as being in a high risk flood zone. As I was challenging FEMA, the mortgage co. forced the flood insurace and increased my monthy payment, now the payment is $2488. At this point I applied for HAMP. Just a few days ago , My mortgage co. notified me that I was denied , and suggested a short sale or deed in liew of foreberance. I reviewed a local real estate internet site, and then found my home is about $90k less than my mortgage balance, not the mere $15K the mortgage company reported my BPO as being. I have documented most of my convervations with the mortgage company, and experienced several imcompetents, and requests for documentation that had been previously acknowledged as in the system , as they were quoted back to me as proof that they indeed were there all a long.

My gut feeling is the bank was just playing along because the treasury dept had some control over them while they were using taxpayer money, but when the treasury was paid back, the banks had little incentive to take the modifications seriously. Too bad for the bank, if they approved the modification, I would have been providing money to the bank with interest for another 30 yrs, but now they will likey end up with a deed on a house that has $90k negative equity, is 100 yrs, old( lead contaminated-lead safe) and is now in a FEMA hight risk flood zone.

By: Marki D. Lemons

Marki D. Lemons — Mon, 08 Feb 2010 06:59:42 +0000

Treasury Updates HAMP Guidelines, Might the Program Work Now? If not we have HAFA. Something has to work. http://ow.ly/14SEQ