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Proposed Changes to HAMP

by admin | Fri, 02/26/2010 - 17:40

It was reported earlier this week, that the Obama administration may seek further changes to its Home Affordable Modification Program ("HAMP").

Some "Chatter" on Mortgage Principal Reduction

by admin | Fri, 02/26/2010 - 16:06

The Washington Post reports today that the FDIC is developing a program to test whether principal reduction on "underwater" mortgage balances owed by distressed homeowners "is an effective method for saving homeowners from foreclosure." The program would reportedly only apply to loans acquired by the FDIC from a failed bank, which would amount to less than one percent of outstanding mortgage.

Keeping Your Florida Roof Over Your Head - HAMP and Chapter 13

by admin | Thu, 02/25/2010 - 21:53

One way for the distressed homeowner to keep his roof over his head, is to combine the use of HAMP and chapter 13 bankruptcy reorganization. HAMP is used to modify the first mortgage down to 31% of one's gross monthly income and chapter 13 is use to avoid the second mortgage if it is "underwater" and to pay usually only a small dividend to unsecured creditors.

Another Mortgage Modification Proposal

by admin | Thu, 02/25/2010 - 10:27

The Mortgage Bankers Association (MBA) announced today a proposal for a new voluntary forbearance program that would allow qualified borrowers who have lost their jobs to remain in their homes while they seek new employment.

December Treasury-HUD Report on the HAMP

by admin | Sat, 01/16/2010 - 10:19

Yesterday the Department of Treasury and HUD released a report that there has been a "significant acceleration in the rate" in which Home Affordable Modification Program ("HAMP") trial period mortgage modifications are being converted into permanent modifications. The report that as of December, more than 110,000 permanent modification have been approved of which 66,000 have been accepted by the borrowers.

HAMP Notes

by admin | Fri, 01/15/2010 - 12:00

Housing Wire reports that the number of permanent mortgage modifications that the Bank of America has made after a trial loan modifications under the Home Affordable Modification Program ("HAMP") rose from 98 mortgage as of the end of November, 2009 to 3,200 by January, 2010. The HAMP program began in March, 2009.

HAMP Mortgage Modification and Chapter 13 Bankruptcy

by admin | Tue, 01/12/2010 - 20:18

The effectiveness of the HAMP or "Obama Plan" for mortgage modification has been widely criticized. Many homeowners complain that it is extremely difficult to communicate with their mortgage servicers.

Third Quarter 2009 "Mortgage Metrics"

by admin | Wed, 12/23/2009 - 11:28

The Office of the Comptroller of the Currency and Office of Thrift Supervision just released its "Mortgage Metrics Report for Third Quarter 2009" which provides "performance data on first-lien residential mortgages serviced by national banks and federally regulated thrifts." It reports that

Mortgage Bankruptcy Amendment Defeated

by admin | Mon, 12/14/2009 - 10:56

On Friday, the House of Representatives rejected an amendment to the "Wall Street Reform and Consumer Protection Act of 2009" that would have added provisions to allow bankruptcy judges to modify home mortgages in chapter 13. The amendment was similar to that previously passed by the House on March 5, 2009 in H.R. 1106, the "Helping Families Save Their Homes Act of 2009" but was rejected by the Senate.

Proposed Bankruptcy Reform and Mortgage Modification

by admin | Tue, 12/08/2009 - 21:29

It was reported yesterday that Congressman John Conyers (D-Mich.) has submitted Amendment 201 to the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 1473) that would allow the modification of home mortgages in bankruptcy.