Citi and 2MP - Loan Modification Forum

goodlife4524 · 10-22-2009, 08:38 AM

Anybody know if they are participating or if they plan to in 2MP program? I have read posts that no lenders have signed up and that Treasury was going to make it more attractive and wanted to see if anybody had any info on this.

Evan Bedard · 10-22-2009, 09:32 AM

Hi goodlife4524,

Quote:

Anybody know if they are participating or if they plan to in 2MP program? I have read posts that no lenders have signed up and that Treasury was going to make it more attractive and wanted to see if anybody had any info on this.

I do not think I have seen anyone get their second modified under this program. But maybe it has to do with the fact that they are just still overwhelmed with requests to get first mortgages modified..

Social Apocalypse · 11-05-2009, 05:41 PM

Let's keep an eye on this. I have been reading the details of 2MP, and they are actually REALLY GOOD. Especially the extinguishment option.

Let's keep an ear to the ground on servicers participating in 2MP. It's a big deal.

Evan Bedard · 11-05-2009, 09:26 PM

I agree TB. This program could play a huge role in many homeowners financial situations.

Lets see where it goes!

davephx · 11-05-2009, 11:57 PM

2MP seems still on hold because its too good without enough incentives to get participation,, but a Treasury official said a few days ago:

senior policy analyst Mark McArdle told listeners that the agency is retooling HAMP to address lenders' reluctance to participate.

He also said the Treasury Department was looking at ways to help the growing number of unemployed homeowners avoid foreclosure. Other new or proposed changes include allowing modifications for second mortgages; requiring lenders to clearly and in writing state reasons for a denial; and streamlining documentation requirements.

Social Apocalypse · 11-18-2009, 10:12 AM

Any news on this? I am still wondering about it. I fear that no one is going to participate in the 2MP program...

Elora123 · 11-18-2009, 10:18 AM

I am in HAMP with forbearance to have both 1st and 2nd modified at the same time.

Evan Bedard · 11-18-2009, 11:10 AM

Quote:

I am in HAMP with forbearance to have both 1st and 2nd modified at the same time.

Please keep us posted Elora on the modification to come..

Elora123 · 11-18-2009, 01:18 PM

Quote:

Originally Posted by Evan Bedard

Please keep us posted Elora on the modification to come..

I will keep everyone posted. I hope it comes true, if not I am still with NACA.

10-22-2009, 08:38 AM	#1 (permalink)
goodlife4524 Member Join Date: Jul 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Citi and 2MP Anybody know if they are participating or if they plan to in 2MP program? I have read posts that no lenders have signed up and that Treasury was going to make it more attractive and wanted to see if anybody had any info on this.

11-05-2009, 05:41 PM	#3 (permalink)
Social Apocalypse Senior Member Join Date: Mar 2009 Location: Washington State Posts: 269 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi and 2MP Let's keep an eye on this. I have been reading the details of 2MP, and they are actually REALLY GOOD. Especially the extinguishment option. Let's keep an ear to the ground on servicers participating in 2MP. It's a big deal. __________________ (formerly TB98629) *Moe Bedard is going to save this country!* URGENT! PLEASE TAKE A MOMENT AND SIGN OUR PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS: CLICK HERE Representing Washington State, and Never Giving Up Follow Me On Twitter @SocialApocalyps

11-05-2009, 09:26 PM	#4 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi and 2MP I agree TB. This program could play a huge role in many homeowners financial situations. Lets see where it goes! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

11-05-2009, 11:57 PM	#5 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,143 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi and 2MP 2MP seems still on hold because its too good without enough incentives to get participation,, but a Treasury official said a few days ago: senior policy analyst Mark McArdle told listeners that the agency is retooling HAMP to address lenders' reluctance to participate. He also said the Treasury Department was looking at ways to help the growing number of unemployed homeowners avoid foreclosure. Other new or proposed changes include allowing modifications for second mortgages; requiring lenders to clearly and in writing state reasons for a denial; and streamlining documentation requirements.

11-18-2009, 10:12 AM	#6 (permalink)
Social Apocalypse Senior Member Join Date: Mar 2009 Location: Washington State Posts: 269 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi and 2MP Any news on this? I am still wondering about it. I fear that no one is going to participate in the 2MP program... __________________ (formerly TB98629) *Moe Bedard is going to save this country!* URGENT! PLEASE TAKE A MOMENT AND SIGN OUR PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS: CLICK HERE Representing Washington State, and Never Giving Up Follow Me On Twitter @SocialApocalyps

11-18-2009, 10:18 AM	#7 (permalink)
Elora123 Senior Member Join Date: Jun 2009 Posts: 65 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi and 2MP I am in HAMP with forbearance to have both 1st and 2nd modified at the same time.

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