Servicers participating in the Home Affordable modification program (hamp) converted 116,297 permanent modifications through January, up from 66,000 in December, according to the US Treasury.
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· If you believe you have fully met the terms of the trial loan modification and properly submitted all documentation, but are still turned down for a permanent modification or cannot get a definite answer on when you will be approved, write your senator and congressman and tell the lender you are doing so.
HAMP does require a trial period, meaning a borrower must make payments for three months under the trial period in order to make the modification permanent. Some of these restructuring programs can be of great benefit to the homeowner while also helping to minimize increasing defaults.
Just over 116,000 modifications are now permanent. Here is the link at Treasury. See here for a list of reports. If there were 416,471 cumulative HAMP trial modifications in August – how come there were only 116,297 permanent mods and 60,476 disqualified modifications by the end of January? The numbers don’t add up.
· Homeowners are first offered trial modifications under the program, which provides incentive payments to loan servicers, investors and the homeowners. If borrowers make the payments and satisfy other criteria, those trials are made permanent, ensuring a cut in payments for five years.
As of the end of January, the Treasury Department said 116,000 borrowers had received permanent loan modifications. While over a million homeowners in all have started trial modifications.
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Retreat Capital Management Group has added a number of new solutions to its offerings that the company says will address servicers’ largest obstacles in completing short sales and modifications.
(HAMP); servicers enticed borrowers into trial modifications with promises of permanent modifications, only to push the borrowers so much further underwater that they could not pass the infamous HAMP.
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-That loan servicers failed to fulfill their agreements to make trial loan modifications permanent after the borrower allegedly had met the documentation and payment requirements of the trial period. Similar class action lawsuits were brought against four loan servicers by the National Consumer Law Center. (Bosque v. Wells Fargo; Johnson v.