Changes You Need to Know About Home Affordable Modification Program
The HAMP program seems to always be in the news somehow and with the changes soon to come over the next few years as the government reviews and seeks ways to better guard our economy from another financial crisis, we can only grin and bear what the results maybe. In the meantime, too many homeowners are still lost waiting for their loan modification to get reviewed and hopefully approved.
If you have not already heard about the servicing manual for HAMP, you should look to book mark this site because it has tidbits of all sorts of information that could help you work on getting a loan modification.
We make it a point to review and keep up to date with any changes to this manual because it is the only way to make sure the servicers are doing what they are suppose to. Granted the manual is about 170 pages in length and most of the information is geared to the servicers and what type of procedures they should be following. However, there are many key time lines and procedures that are worth knowing about. By reading this manual, you can begin to understand why the servicers are leaning towards following their own loan modification guidelines. Typical of most government programs there is always a ton of red tape and paperwork to fill out and procedures that only seem to be adopted to make your life harder.
Perhaps is it just human nature to make things harder than they really are, but what fun would it be if everything was easy? There are notable changes to the income section of the manual that should be read and outlined for the home owner. The newest adjustments to this manual touch upon the Dodd Frank Certification and Income verification procedures. If you are a homeowner, Realtor or third party who works with home owners in some capacity this manual maybe worth flipping through the sections that may apply to your clients.
Even with all the talk about the disappointments of the government’s program the fact is it has helped some homeowners stay in their home and even though it may have fallen short of the projections, I’m sure it has made a few at least very thankful for being able to call home "home sweet home" still.