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Investor not participating in HAMP

Discussion in 'Loan Modification' started by maui mango, Apr 16, 2010.

  1. maui mango

    maui mango LoanSafe Member

    Hi all, i have been trying to apply for HAMP. we are close to 2 months behind now. i just found out that our private invester is not participating in HAMP. as a borrower, do we have the right to know who the invester is? the inhouse floor rates they are offering do not help us much. i mean, if the invester is not participating, then what hope do we have? anyone in the same situation and any advice??<!-- google_ad_section_end -->
  2. Againsttheodds

    Againsttheodds LoanSafe Member

    If the private investor does not participate in HAMP then asked for In-House Mod.. Good luck!
  3. maui mango

    maui mango LoanSafe Member

    My servicer is carrington mortgage services. They are on the official list of lenders/servicers participating in HAMP. But i was told on the phone that the private investor on our loan does not participate. is this possible? Also, on their website, it says you can apply for HAMP, when they send you the paperwork, it says they are the required docs for HAMP. AND they still run the file thru HAMP. I mean, why do this if the investor is not participating? they told me that they can offer in house mod, which is not much different than what we have now.

    is there something fishy here? As a borrower do we have a right to know who our private investor is?
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Well it is true that some investors will not allow the HAMP program. Such as Wells Fargo for example, as a servicer YES they can review for this program but for the loans they own they will not apply for this program. To find out who owns your loan send a qualified written request to Carrington requesting this information..
  5. Againsttheodds

    Againsttheodds LoanSafe Member

    Your servicer might participate with HAMP but there's no law that says your investor have too. Have you asked them who's your investor(s) and they decline to state who?

    I've noticed that most "investor(s)" that does not offer HAMP are foreign investor (90% are major banks). For example, HSBC, Deutsche, Barclay, etc are notarized for not offering any assistance to homeowners.
  6. maui mango

    maui mango LoanSafe Member

    Yes, i was told that they do not disclose who their private investors are. In the last denial email they sent me said they because they signed an agreement with the Treasury dept, they are required to run our file thru HAMP to see if we'd qualify. But they denied us because we were already under 31%..well, things are much different now for us and wanted to apply again, so now they tell me that our investor does not participate in HAMP. i guess i don't understand why they run our file thru HAMP if our investor does not participate? do they get some kind of incentives just for running our file?
  7. Againsttheodds

    Againsttheodds LoanSafe Member

    They only get incentives if they can offer you perm mod (with your investor approval). How long ago did you applied and they "run" your hamp paperworks? Like I said, they are not required to offer you HAMP and if the investor(s) says "No" then there's little the servicer's can do.
  8. maui mango

    maui mango LoanSafe Member

    in November and then again in January..both times they made us fill papers for HAMP and denied us for being under 31% already. since we are self employed, numbers are different for us now. we will be 2 months behind by the end of this month.

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