The Home Affordable Modification Program (HAMP) will now include a "streamlined" modification.

Supplemental Directive 15-06 issued July 1, 2015 announced that The Home Affordable Modification Program (HAMP) will now include a "streamlined" modification. This new directive does not apply to GSE mortgages such as those owned or insured by Fannie Mae or Freddie Mac or VA loans or FHA loans.  Those loans are governed by different directives.  Any investor or servicing agreement that permits a servicer to offer HAMP Tier I or Hamp Tier II is encouraged to permit Streamline HAMP modifications.

This is another tool to help homeowners avoid foreclosure.  Customers who have previously been granted a HAMP Tier 1 or HAMP Tier II modification and have experienced a interest rate step-up and then again become delinquent may be eligible for the new Streamlined HAMP. This is a relaxation of a previous prohibition against multiple modification. Also, if a borrower was previously evaluated for, but not offered, a HAMP modification, they may be eligible for a Streamline HAMP.

There are a lot of variables at play in determining if one should be eligible for a modification or other program to avoid foreclosure.  If one should be eligible, then whether one actually gets the work out is a function of correctly and completely completing the paperwork.   I work for a HUD-approved housing counseling agency and have over twenty years experience as a housing counselor. There is no charge for my service.  I can evaluate you for a solution to your housing problem, and if you should be eligible for a workout, I will help you complete the Request for Mortgage Assistance.  To learn more, or to schedule an appointment call me.

Rod Williams
615-850-3453

HAMP ends this year. Don't miss out.

From Freddie Mac:

Extensions for HAMP and the Freddie Mac Streamlined Modification Among the Highlights in Guide Bulletin 2015-9

We are making several updates reflected in Freddie Mac Guide Bulletin 2015-9, including the following key highlights:

• A one-year extension of the Home Affordable Modification Program (HAMP). As a result of previous announcements made by the U.S. Department of the Treasury and the Federal Housing Finance Agency to extend HAMP, we have updated Section C65.4 of the Guide to require that all HAMP modifications have a Modification Effective Date on or before September 1, 2017, and that all evaluations for HAMP must be based on a complete Borrower Response Package submitted on or before December 31, 2016.

My Comment: I know this is only June, but sometimes to submit a package for a modification and allow time for the package to be worked can take months.  If the package sits on someone's desk and they do not get around to until your check stub or bank statement is  older than 30 days, they ask for new documents.  If the documents are not current, then they do not have a Borrower Response Package.

If you need help, don't wait!

My name is Rod Williams and I am a HUD approved housing counselor. There is no cost for my services. Many people who apply for a modification don't get it because they fail to complete a package correctly.  I can increase your chance of getting a modification.  Also, sometimes a modification is not the best option. If you have a housing problem, don't try to solve it by yourself. Call me at 615-850-3453.

Nearly 1.3 Million Homeowner Assistance Actions Taken through Making Home Affordable

More than 1 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP). These homeowners have reduced their first lien mortgage payments by a median of approximately $539 each month – more than one-third of their median before-modification payment – saving a total estimated $15 billion to date in monthly mortgage payments.

Nearly 94,000 second lien modifications have been completed through the Second Lien Modification Program (2MP), and over 71,000 homeowners have exited their homes through a short sale or deed-in-lieu of foreclosure with assistance from the Home Affordable Alternatives Program (HAFA).

87% of eligible homeowners entering a HAMP trial modification since June 1, 2010 have received a permanent modification with an average trial period of 3.5 months.

Homeowners currently in HAMP permanent modifications with some form of principal reduction have been granted an estimated $7.2 billion in principal reduction. 81% of eligible non-GSE borrowers entering HAMP in August have received some form of principal reduction with their modification.

If you think you may qualify for a  Home Affordable Modification Program or the Hardest Hit fund, improve your chances of getting approved by letting an experienced housing counselor assist you. The service is free. You will never pay a dime for letting a HUD-approved housing counselor help you resolve your housing need. For assistance in middle Tennessee call Rod Williams 615-850-3453.