New hamp directive

[shuladore]

New update on the HAMP website this time it is on document clarification!

https://www.hmpadmin.com/portal/news/announcements.html

[BobandArlyn]

Servicers must use good business judgment

[davephx]

Oh Boy.

Ok this is how I understand it.

No longer need signed tax returns if no rental property, unless you have odd stuff do document including child support which doesn't even show up on tax return. Does that mean if not rental property still need unsigned tax returns?

Trial period - don't need signed plan if they have received the trial payments and a fully executed modification agreement...that you don't get until after the plan ....

But now if you have received a foreclosure notice which directly violated the HAMP/Fannie guidelines since not suppose to until not qualified for HAMP or other program if in constant touch with lender....

Someone in government must be more on HEMP than trying to help us with HAMP!

All pror mods are canceled and we have to start over again with the new Fannie/Freddie rules last week - see what I was told by Citi at New news from fannie mae you wont believe this

This HAMP directive doesn't address but apparently Fannie/Freddie has a new "secret" derective (not posted anywhere public) that now servicers have to redo all prior HAMPs and start over. In my case told the person I talked to has to just himself notify 4000-5000 citi customers to restart their HAMPs.

Some folks in government must be on HEMP instead of trying to make HAMP work !!

[darlyj]

"Servicers must use good business judgement."

LOL - what, are they supposed to start NOW?!?

[caldwellb02]

Oh dave - this is confusing to me too. I'm also confused about the written/signed trial period plan part. Isn't that one of the problems so many people have written about here - that they pay in good faith without a written plan? The "new" guidelines are jumping from A to Z here .... what's the difference if the plan is signed or not if it isn't even written and sent to the homeowner? Weird. Just more guidelines from the lenders perspective...

[shade]

Here is what I found very interesting

In addition, there is no requirement to refresh any valid income documentation during any Trial Period Extension.

[c150000]

oh bot is right
i applied for hamp: i have rentals i was told i didnt need tax returns if i had not filled cause i have not yet ( info from chase and fanny mae guidlines says they want most recent and if you havent filled then its not needed

now with the new guidelines above: it says 2 most recent tax return if is
from rentals wtf?

so i will be denied now?
after all this time.........

question is: i have made 2 hamp payments ( iam 4 months behind )11,800.00 plus late fees and have been putting what i can away just in case... i was told to do that from exc resolution guy who iam working with

so at the end of october i will have enough to pay eveything i owe
except 4000.00 if they accept it.. plus huge late fees like 2500.00
do you think they would work with me on that? or demand it all
and proceed?
the 4000.00 dosnt even come to 2 morgage payments
so could they take my house if its not even 2 months behind in the end?
iam thinking of pulling out of the hamp alltogether
i want to make sure that they cant take my house first
this is to stressfull,
i will have no heat or food or anything else, but i will not let them have my home.. i really need the help but this is really too much to handle

some advice please !!

[davephx]

IF you are in foreclosure status I believe they will only accept full payment.

If your not you may have more options but at the mercy of the servicer and still have a long time to accumulate funds if not facing a Trustee sale date.

[c150000]

just you know iam not crazy


Is the borrower eligible for the HAMP if he or she is not a current tax filer?

Yes. A borrower is required only to submit his or her most recent tax return. If the most recent tax return is not available, the servicer must process the borrower’s signed Form 4506-T to confirm that the borrower did not file a tax return.

[c150000]

i was not when i started this... i was only 2 months late then