May 10 Home Affordable Modification Plans Failing?
According to CNN Money there are 637,353 distressed homeowners that remain in a trial loan modification agreement. The rate at which of borrowers entering the Home Affordable Modification Program HAMP has slowed as servicers have begun to implement new requirements to gather income documentation at the beginning of the mortgage relief process. Is HAMP helping second mortgage lenders? New home loan modification statistics released by Treasury provide additional insight into just how well servicers are doing in converting trial mortgage modifications to permanent status. The six servicers who verified borrowers’ income before placing them in trials have transferred more than half to long-term adjustments, with HomEq Servicing and Ocwen Financial Corp leading the way with 83% converted. Those lending companies using stated income or no limited documentation approach, however, have yet to hit the halfway mark. According to the State Department, the California loan modification program has
Related Questions
- Im already working with my servicer or a housing counselor on a loan workout. Can I still be considered for a Home Affordable Modification?
- What if the borrower has a second lien mortgage and would like to apply for a Home Affordable Modification?
- Is a loan eligible for more than one Home Affordable Modification?
