Comments on: HAMP is losing participants

By: Mary Kelly

Mary Kelly — Thu, 18 Aug 2011 01:13:28 +0000

can you have your modification completed if you have liens on your title report if so how do you have this done, can the payment of the liens be apart of the modification of the loan? Can some one answer this question?

By: Ahsan

Ahsan — Mon, 31 Jan 2011 20:40:29 +0000

I believe HAMP is great if you get qualified……

By: Cracks

Cracks — Fri, 05 Nov 2010 09:06:26 +0000

At least 7 or 8 thousands visitors at your weblog now, nice results for single website.

By: keygen

keygen — Tue, 12 Oct 2010 08:31:23 +0000

Naturally, tons of stupid comments. People, why are you writing in comments of pure blog – great article, good desing, thanks author?

By: Nick

Nick — Tue, 28 Sep 2010 17:44:46 +0000

Vernon, Do the math before you open yer yapper. If you are paying 6% for the 20 remaining years and they reduce it to 3% you will pay far less interest over the life of the loan even if it stretches to 40 years. Get yourself an amortization spreadsheet and play with the numbers. The real problem with HAMP is qualifying for it – you need to fit in an income window between not having enough income to pay the current payment but still enough income to pay the modified payment. If you have other debts the window can become real small.

By: Vernon D.

Vernon D. — Fri, 09 Jul 2010 16:31:19 +0000

HAMP is the most ridiculous thing I have ever heard of. Does the administration think we are too stupid to figure out that this is not saving money. Let’s see….lower interest but extend loan term. Hmmm, let me think now….NOT!

By: Brett Robbins

Brett Robbins — Fri, 09 Jul 2010 04:37:17 +0000

Let’s not forget about HAMP Principal Reduction Alternative Update!!! This is the homeowners dream and fulfills the concern addressed in this article. It was announced last month and is not effective until October this year, but will be the first plan of action to get the homeowners payment to the 31% mark.

The program will reduce principal to 115% LTV over a period of 3 years. If the principal reduction does not get the borrower to the 31% mark on its own, then the “waterfall effect” triggers an interest rate reduction, term extension and forbearance in that order and when necessary.

It is indeed to early for us to determine the effectiveness of this program, since lenders/servicers are not required to use it until later this year, but we’ll remain cautiously optimistic, considering the delays and issues with the first rounds of HAMP. So far it seems to blow BofA’s “principal reducation” out of the water.

Here’s some good resources for additional info:

HAMP Principal Reduction Alternative Update
http://bit.ly/ci4BJ5

Treasury Prepares Principal Reduction Initiative under HAMP « HousingWire
http://bit.ly/c9Vuif

HAMP SPA Servicers
http://bit.ly/c8GQnW

Our services include do-it-yourself loan modification with coaching as well as professional third party representation for loan modifications and short sales (processing and/or negotiation). In addition, we have an online management system that you will be able access for full transparency of your file, so you can monitor our activity and all of the work being completed on your modification in real time, 24 hours a day.

If you would be so kind to refer our services to those in need, we would be greatly appreciated (and so would they).

All the best,

Brett Robbins
President
The Homeowner Defense Network
o. 619.MODIFY.8 (619.663.4398)