HAMP mess

02/12/2010 12:10:00 AM
Posted by admin

The HAMP program is giving these homeowners the shaft given that the banks are simply maximizing profits at the expense of the government and the mortgagees.

cutting principal is entirely voluntary, and most lenders aren’t doing so, housing counselors and attorneys say. “I don’t think it’s common at all,” said Helene Reynaud, vice president of national grants for the National Foundation for Credit Counseling. “When we ask our counselors, they never seem to see them. Or very, very rarely.” … Even if a homeowner gets a “trial” modification - and makes each new payment on time - they can still lose their home. “The foreclosure and loan modification proceed on two separate tracks,”…Homeowners who have been turned down for a modified mortgage report that servicers often don’t spell out why they deny an application, say housing advocates. With no formal appeals process, HAMP makes it extremely difficult for homeowners and their counselors to figure out whether their applications were properly reviewed.


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