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What You Need to Know About Home Affordable Modification Program (HAMP)
Since the Obama Administration implemented loan modification programs such as Home Affordable Modification Program (HAMP) and Making Home Affordable (MHA), homeowners are still feeling the pinch of not being able to get their loan modifications or trial loan modifications done by their banks. In addition, bank/server numbers are still not making the grade with the expectations of the Obama Administrations loan modification expectations. Banks/services still need to step up to the plate and perform more successful loan modifications.
Just to give you an idea of what banks/servicers have extended loan modifications or trial loan modifications here is a look at some statistics. Roughly over 40 banks/servicers have signed up for the Home Affordable Modification Program (HAMP), which is as we all know is a very small percentage of the banks/services in the industry. Banks/services have signed up to modifying over a half a million mortgages by the end of September 2009, which is just a small dent in the large number of homeowners’ that qualify for a loan modifications.
The banks/servicers that have started the most trial loan modifications are Saxon, GMAC, JP Morgan Chase, and CitiMortgage. The banks/servicers that have started the least trial loan modifications and are at the bottom of the list are Litton, Ocwen, Bank of America, Wilshire, Wachovia, American Home, and National City.
As you see from these statistics, banks/services still have a long way to go in providing loan modifications, especially when you have Bank of America that owns 45% of the banking industry at the bottom of this list. Does this mean they own 45% of the mortgages in the loan modification arena? If that is the case, then these statistics are just awful for Bank of America.
There is small progress recently in the offering of trial loan modifications, but read the fine print if you are trying to do the loan modification yourself. A trial loan modification does not mean you are guaranteed a loan modification when the trial is done. Unfortunately, the trial loan modification paperwork that you receiving is deceiving and written in legalize. Too many times we get phone calls from homeowners that thought the trial loan modification meant they qualified for a permanent loan modification. The trial loan modification only gives time for the bank/servicers to evaluate if you really qualify for a loan modification. In many cases, homeowners are denied in the end! Don’t let this happen to you.
To find out more about qualifying for a trial loan modification, we recommend visiting our website where there is plenty of information to help you. Or call us if you have questions as our Loan Modification Attorneys offer 100% money back guarantee. Please contact us at http://www.CallALMS.com or call 877-700-2567.
Tags: hamp, home affordable mortgage, Loan Modification, loan modification programs, making home affordable, mha, mortgage modification