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Posted by Admin - January 8, 2011 at 5:51 pm
We love this dance!!!!!!!!!!!!!!!
And yes we do think that the government is dancing around the issue of loan modifications. Until the administration embraces principle reduction this is will still remain a problem.
Categories: Loan Modification, Obama plan Tags: diy loan modification, DIYLoanmodkit, diyloanmodkit.com, do it yourself loan modification, Loan Modification, Obama Dancing, Obama loan modification dance
A free online calculator is now available to homeowners who are looking for a loan modification under the Hamp program. The calculator was released by the Treasury Department for homeowners to see if they will potentially qualify for the Home Affordable Modification Program (HAMP). Presently you cannot use the calculator for any other loans that are not government sponsored.
According to Treasury sources, the new calculator can be used a point of reference for borrowers, housing counselors and any others in the loan modification industry that may use the process, but using the calculator does not mean that you will qualify. The information/data the calculator uses to qualify the borrower is based on interest rate, term and forbearance amount and may be inputted differently depending on the servicer.
An NPV(net present value) test is typically conducted by servicers when evaluating a borrower for HAMP. The test determines the value of the loan if it is modified according to program guidelines against the loan being left in its current state or “as is.” If the NPF test out higher for the workout, the servicer is required to provide the modification.
Since the HAMP program began in March 2009, permanent loan modifications have been received by approximately 670,000 borrowers. Yet according to the Treasury, the original estimate was between 3 and 4 million borrowers, thus the program has fallen short. To encourage greater opportunity for eligibility for the program, the Treasury made some changes including mandating that servicers provide a single point of contact or relationship manager, to assist a borrower in getting the evaluation handled and completed in a timely, organized manner in order to facilitate approval and increase the success rate .
(CNNMoney) — Borrowers who were overcharged by Countrywide Financial over three years ago are finally going to get reimbursed.
The F TC said Wednesday that, as a result of a settlement reached with the mortgage lender over a year ago, it is sending out checks totaling nearly $108 million to more than 450,000 former Countrywide borrowers. This was for overcharges the company made before it was bought by Bank of America.
There were two types of overcharges, according to Frank Dorman, an FTC spokesman. The first were tied to inspections, home maintenance, lawn mowing and other services that Countrywide provided to homes of borrowers in default.
Instead of directly hiring local vendors for those tasks, the company used their own subsidiary companies to hire the vendors — and then had the subsidiaries mark up the fees, sometimes doubling them or more. They passed along the overcharges to the homeowners. Affected consumers will receive all those overcharges back.
The second set of overcharges came in the form of false claims and fees to escrow accounts of borrowers who entered into Chapter 13 bankruptcies (this type of bankruptcy protection provides debtors with time to pay off what they owe). The borrowers weren’t notified about the fees or charges at the time they were incurred. The FTC says they will get back the entire amount of those undisclosed fees or charges.
The action covered borrowers who were in default betweenJanuary 1, 2005andJuly 1, 2008. Many of the amounts are quite small; the average is about $240, but some borrowers will receive checks of several thousand dollars, the FTC said.
Were you one of those homeowners that submitted your loan modification under the Obama administration’s HAMP -Home affordable modification program. Then after making a series of payments told that you don’t qualify? Well a number of banks are now facing class action lawsuits from homeowners who are now finding out that they may have originally qualified for the program
(Reuters)Bank of America among many other banks, had hoped to avoid facing tens of thousands of irate homeowners claiming that they were unreasonably denied mortgage aid through the Home Affordable Modification Program by the lender. However, a judge has denied the bank’s motion to dismiss the case and the bank will be asked to provide permanent loan modifications to those who are eligible and award damages to those who were “wrongfully denied modification”. Attempting to put a positive spin on the situation, BofA announced that it is “pleased that the court dismissed four of the eight counts in the consolidated complaint.” The judge ultimately limited the case to homeowners who entered trial period plans (TPPs) for loan modifications but were then denied permanent HAMP mods. He did allow for homeowners in states where consumer protections are stronger, like California, Illinois, Arizona and Massachusetts, to pursue claims in their own states.
The problem is not so much that the lender refused to modify loans, but rather that it appears to have “willfully failed” to make modifications that were likely to be successful – “either in bad faith or for its own economic benefit,” explained judge Rya Zobel. However, Zobel did reject claims of borrowers who asserted that they were “intended beneficiaries of HAMP” but who never entered the program, and she also refused to block 37 foreclosures on homeowners claiming to be in “imminent danger [of foreclosure]” during the pending lawsuit.
Do some research and find out if it makes sense for you to join a suit in your state if you feel that you might have been affected.