Home Loan Analysis

Excerpt taken from http://makinghomeaffordable.gov/pr_01282010.html

The Home Affordable Modification Program aims to help responsible American homeowners maintain a sustainable monthly mortgage payment through a pay-for-success framework that aligns incentives of borrowers, lenders and servicers. Over 900,000 Americans have begun trial modifications since the program’s inception and over 110,000 have been approved for permanent modifications as of December 31, 2009. The median monthly savings for individual homeowners is more than $500 per month. Over 100 servicers have signed up to participate in HAMP, covering more than 89% of mortgage debt outstanding in the country. For a free consult please email us at am@ioannoulaw.com

Today’s guidance refines the documentation process and makes it easier for eligible borrowers in trial modifications to get permanent modifications quickly.  Under this guidance:  A simple, standard package of documents will be required prior to the servicer’s evaluation of the borrower for a trial modification. This process will be required for all new HAMP modifications that became effective after June 1, although mortgage servicers may implement it sooner.

For more information call the law offices of Ioannou & Ioannou, LLP 866 910 7065.

OBAMA ADMINISTRATION RELEASES NEW DATA

Homeowners in modifications are saving an average of over $550 per month.

As of December 10th, 728,000 modifications are under way across the country, the program is on track to meet its goals over the next several years. Modifications are providing real benefits to homeowners.

“As this report illustrates, struggling homeowners across the country continue to receive immediate relief in the form of reduced monthly payments and a second chance to stay in their homes,” said Chief of Treasury’s Homeownership Preservation Office (HPO) Phyllis Caldwell. “Our focus now is on working with servicers, borrowers and organizations to get as many of those eligible homeowners as possible into permanent modifications.”

Article experts were taken from http://makinghomeaffordable.gov/pr_12102009.html

To speak with an expert consultant for FREE call 866 910 7065.

The Treasury Department announced the eligibility and requirements for the Home Affordable Modification Program (HAMP). Under HAMP, servicers apply a consistent loan modification process to provide eligible borrowers with sustainable monthly payments for their mortgage loans.

This Supplemental Directive introduces the Home Price Decline Protection (HPDP) incentives. This initiative is designed to encourage modification of loans in markets hardest hit by falling home prices.

The HPDP initiative provides owners with additional incentives for HAMP modifications of loans on properties located in areas like Miami where home prices have declined and where home owners are concerned that price declines may persist.

HPDP incentive payments will be linked to the rate of recent home price decline in their respective housing market, as well as the unpaid principal balance.

For more information see a loan modification expert in your area.