Helpful video to find out if you are eligible for help from President Obama’s mortgage plan. Some key take-aways from the video include: 1) Home Affordability Refinance Option – If your current mortgage is equal to the current value of your home, you may be eligible to refinance. 2) Home ...
It’s been a year since the government’s Home Affordable Modification Program (HAMP) was implemented and only 170,207 troubled homeowners have received permanent loan restructurings. The number of modifications in thepermanent column did increase 45 percent from 116,297 in January, but it’s still a mere drop in the bucket when you ...
Recent legislation encourages loan modification in an effort to decrease the number of foreclosures. If you are meeting with homeowners, see if one of their goals is to keep their home. The new rules on loan modification provide relief for people who have had financial difficulty, but remained current on ...
WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification program. This guidance refines the documentation requirements in order to expedite ...
The Federal Trade Commission has proposed a new rule that would prohibit third parties, including loan modification specialists and loss mitigation attorneys, from collecting payment for foreclosure prevention services until after they obtain a documented offer from a lender or servicer for a modification or other form of mortgage relief. ...
The Treasury Department released updated guidance Thursday for servicers participating in the Home Affordable Modification Program (HAMP) that requires them to obtain all required borrower documentation upfront, prior to evaluating the borrower for a trial modification under the government program. Until now, servicers were allowed to initiate a trial HAMP ...
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