Cash is King – Upside Down Mortgage Solutions

December 14, 2009

Negative Equity Mortgage – HAMP Program

 

Negative Equity Mortgage Solutions – HAMP Program

Shellie Hatfield and I go into great detail on how to properly handle a Negative Equtiy Mortgage using the HAMP program.  We cover the criteria in great detail and even dive in to the Streamline refi program.

HAMP program visite by On The Money Radio Show.

TG-421: Obama administration Kicks off Mortgage Modification …

November 30, 2009. TG-421. Obama administration Kicks off Mortgage Modification Conversion Drive. WASHINGTON – The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) today kick off a nationwide …

Obama Administration To Admit Failure Of Mortgage Modification …

Throwing good after bad is not a practice that generates long term success and prosperity. In fact, the unintended consequences and costs of dysfunctional.

Status of Efforts
• 63 servicers had signed participation agreements for the first-lien modification program;
• More than 1.3 million solicitation letters for HAMP loan modifications to borrowers;
• More than 328,000 HAMP trial modification offers to borrowers;
• More than 209,000 HAMP trial modifications had started;

. . . and of the 209,000 mortgage modifications (.3% of total homeowners) started in the country, how are we doing?

  • 1,080 borrowers had successfully completed the trial period and received HAMP modifications.

 

HAMP – Another Federal Foreclosure Bailout Plan

http://www.qualityfreearticles.com In 2009, the Congress and the Obama administration revealed their newest plan to help families save their homes from foreclosure by encouraging mortgage modifications. This plan, called the Home Affordable Modification Program (HAMP) was designed to create broad guidelines for the mortgage industry on modifying loans, as well as provide incentives to lenders and servicers to offer modifications. … hamp “foreclosure bailout plan” …
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48 Comments »

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    Pingback by FHA Underwater Refinancing – Short Refinance Program | Mortgage Refinance Closing Costs — September 14, 2010 @ 11:39 am | Reply

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    Comment by BM — November 18, 2010 @ 7:05 pm | Reply

  3. my market value went to 210000 to 1250000 because of the recession

    Comment by anthony walker — January 12, 2011 @ 4:12 pm | Reply

  4. Who would I contact to be able to get rid of my second (HELOC)…I am upside down 166.000 and trying to work with NACA on the first…

    Comment by Joan — June 13, 2011 @ 6:09 pm | Reply

  5. I have been working with BB&T for 9 months, I went on disability for a debilitating illness in Dec 2009, I kept up with my payments by selling anything I had of value, I recently found out wells fargo owns my loan, though I have no proof, I know it’s in the best interest of the servicer not to modify my loan, After 60 or more hours of research I still have no concrete answers. Every site seems to conflict with the other, I recently contacted whom I believe to be a Hud representative and now I’m not sure, she asked me how much I could get for my car! How does anyone living in a rural area live without a car? Anyway I recieve eleven hundred in disability, my house pymts are 750.00, other than medical bills I have 800.00 in debt, why can’t I get a loan mod?, also since learning all this I stopped making house pymts two months ago, they started adding so many fees I figured I was throwing good money after bad, would someone please tell me when they file foreclosure in the state of NC how long do you have to get out? despite my best efforts I have never been given a straight answer!
    Sincerely, Tina….P.S. I have 25.000 in equity and owe 70.000

    Comment by Tina Anderson — December 16, 2011 @ 12:00 am | Reply

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