Thursday, May 13, 2010

UPDATE HAFA, HAMP and changes to loan modifications

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications.

In a previous posting I referred to video of phone call outlining HAMP qualifications at a bank. Today I had interview with home modification specialist and she was telling me how things have updated recently. She estimates that only 30% of the loans coming through their department are modified. Which she told me she doesn't think is a lot of modification and that much more is needed. I was telling her that I had heard the figure was much lower. Either way at least there are changes.

Here are a few:

All the major lenders are now accepting HAMP applications. Freddie, Fannie and Ginnie are among them.

You are no longer required to be 60 days late on mortgage payments to qualify.

The government is pumping money into this program and has tried to make it easier to get help. 36% get permanent modifications after trial period. HAMP looks to be more promising than just a few short months ago. One of the best changes is that it is targetting the hardest hit areas. What do you think of the new improved HAMP?

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