Loan Modifications

On March 4, 2009, the U.S. Department of the Treasury (Treasury) announced details of the Home Affordable Modification program (HAMP) as part of the Making Home Affordable Program. HAMP is a loan modification program designed to reduce delinquent and at-risk borrowers' monthly mortgage payments. Freddie Mac is pleased to play a leadership role by implementing this program. HAMP is effective immediately for mortgages originated on or prior to January 1, 2009, and will expire on December 31, 2012. Servicers must solicit eligible borrowers who are 31 or more days delinquent for a modification under HAMP, but cannot solicit borrowers for...

For those of you who have applied for loan modifications, whether they are private programs, FHA programs, or the Federal government’s program, you are finding out that there might be more of a wait than planned. After applying and going through the process alone, it can take more than two or three weeks for the institution to respond. Once the negotiations have been done which can take months, you are realizing that you are not placed on the more permanent form of the modification right away, but you are placed on the trial version of the modification. This trial version...

If you're thinking of applying for a home modification loan, keep reading. When this topic was first announced, billions of homeowners thought they would get relief from the heavy burdens of high mortgages. The intention behind the modifications was to save family homes across the country. They thought they're mortgages would be lowered and they would have a chance to keep their home. This is not how it turned out. While the intentions were for the homeowners, and the politicians bickered and fought for the revisions they wanted, the mortgage companies schemed and the results were disastrous. The process of...