PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is

THANKS2U

LoanSafe Member
Jul 8, 2009
578
6
0
YouTube - Bank of America Walkout

B OF A = BEND OVER AMERICA

CLOSE OUT ALL YOUR BANK OF AMERICA CHECKING AND SAVINGS


Investors irked by steep HOA fees tied to foreclosure homes - Las Vegas Sun


I have heard as many as 4 to 6 million homes by 2011

Ok, so now is the time to start saving your money.

Do not pay your Association dues. Let the banks pay the thousands of $$$$$$$ and legal fees at foreclosures....

Skip or do not pay your Mortgages at all.

Let the forclosure rates rise to 10+ million by 2011

Then just figure out ways to repurchase your homes or other homes at fair and reasonable prices, where you can actually have sustainable / affordable mortgages.


From Someidiot: "Homes for 50 percent OFF? IM THERE MAN HAHA... I will be listing ways to contribute to 50 % off on homes... If and when that happends , you should have saved some money and put a larger down payment... We as comsumers should know that all the interest that we are paying, is actually funding for Rude and Poorly trained employees to work Against us, especially incompetant banks like Bank of America..."

Yes, I aggree - Bank of America are financial terrorists !!!!!!!!!!!!!!!!!!!!!!!<!-- google_ad_section_end -->

YouTube - Bank of America Walkout
 

Do not want to lose it

LoanSafe Member
Aug 20, 2009
228
3
0
I saw this comment posted on the story about the y-tube guy who renamed BOA, Bend over America.
Is this comment true??


hey are planning to put B of A in bankruptcy. The govt is trying to force a run on the bank. Its no wonder the CEO of JP morgan, Jamie Dimon, just hired his father and had him leave B of A. Hes making sure he grabs that pension money before its too late. Buy put options on B of A to get rich. The bank is going under. They are funneling all of the bad assets into it and when the time is right, "Pooooof," the plug will be pulled.
 

davephx

LoanSafe Member
Jul 21, 2009
5,435
47
48
Good article about the "second tsunami coming" of hidden homes "phantom inventory" owned by banks which BofA starting to release into the market in Vegas.

22% were strategic defaults so I assume 78% were forced foreclosure sales for folks that wanted to stay.
 

so-cal-gal

LoanSafe Member
Jul 26, 2009
770
7
0
San Diego, CA
I saw this comment posted on the story about the y-tube guy who renamed BOA, Bend over America.
Is this comment true??


hey are planning to put B of A in bankruptcy. The govt is trying to force a run on the bank. Its no wonder the CEO of JP morgan, Jamie Dimon, just hired his father and had him leave B of A. Hes making sure he grabs that pension money before its too late. Buy put options on B of A to get rich. The bank is going under. They are funneling all of the bad assets into it and when the time is right, "Pooooof," the plug will be pulled.
I won't mind at all seeing BofA go down. Unfortunately, all the scoundrels at the top will just land new jobs at the remaining banks. We need them to be found guilty of criminal charges and BARRED from the banking and lending industry.

The LivingLies website and some others have 'outted' individuals with other servicing companies for misrepresenting themselves as MERS employees as they attempt to file the documents to foreclose. BofA is working in concert with one of the companies who's employee was specifically 'outted' for this fraud. I have my personal copies of her autograph.
 

AzGryffindor

LoanSafe Member
Jun 10, 2009
1,045
7
0
Kristenemery let us know about the HAMP complaint site.

If any servicer or investor is causing you troubles COMPLAIN ABOUT THEM SO THEY DO NOT GET AWAY WITH FINANCIALLY MURDERING MILLIONS OF HOMEOWNERS

https://www.hmpadmin.com/portal/resources/escalation.html

Thank you Kristen
That site is only for certified HUD counselors to file complaints.

Unfortunately, they have no place for the general public to file a complaint.
 
That site is only for certified HUD counselors to file complaints.

Unfortunately, they have no place for the general public to file a complaint.
Hello AzyGryffindor,

Thank you for posting this in the correct thread.

IMPORTANT: ACTUALLY, This is for the public also! I thought the same thing, but when I call the number for Fannie - The person that answered confirmed that the number was for the Consumer Resource Center. I think they have not gotten the word out properly for the public.

There are some other links that are important that I will post here.
 
So here are the sites where I have been finding useful information:

Check out the sections titled: Engaging State, Local and Community Stakeholder,
and Escalation Enhancements

TG-430: Treasury Assistant Secretary for Financial Stability Herbert Allison<br>Written Testimony before the House Financial Services Committee <br>“The Private Sector and Government Response to the Mortgage Foreclosure Crisisâ€

And here is a website for servicers, but it has useful information that is easily accessible:

https://www.hmpadmin.com/portal/index.html
 

THANKS2U

LoanSafe Member
Jul 8, 2009
578
6
0
Borrowers: Take Back Your Power!

By Alyssa Katz Mar 5th 2010 @ 9:45AM
Filed Under: News

Print Email http://www.loansafe.org//www.addthis.com/bookmark.php?pub=&v=250&source=tbx-250&tt=0&s=aim&url=http%3A%2F%2Fwww.housingwatch.com%2F2010%2F03%2F05%2Fborrowers-here-s-how-to-take-back-the-power%2F&title=Borrowers%3A%20Take%20Back%20Your%20Power!&content=&lng=en&uid=478ae80af4f6c141http://www.loansafe.org//www.addthis.com/bookmark.php?pub=&v=250&source=tbx-250&tt=0&s=twitter&url=http%3A%2F%2Fwww.housingwatch.com%2F2010%2F03%2F05%2Fborrowers-here-s-how-to-take-back-the-power%2F&title=Borrowers%3A%20Take%20Back%20Your%20Power!&content=&lng=en&uid=478ae80af4f6c141http://www.loansafe.org//www.addthis.com/bookmark.php?pub=&v=250&source=tbx-250&tt=0&s=facebook&url=http%3A%2F%2Fwww.housingwatch.com%2F2010%2F03%2F05%2Fborrowers-here-s-how-to-take-back-the-power%2F&title=Borrowers%3A%20Take%20Back%20Your%20Power!&content=&lng=en&uid=478ae80af4f6c141http://www.loansafe.org//www.addthis.com/bookmark.php?pub=&v=250&source=tbx-250&tt=0&s=myspace&url=http%3A%2F%2Fwww.housingwatch.com%2F2010%2F03%2F05%2Fborrowers-here-s-how-to-take-back-the-power%2F&title=Borrowers%3A%20Take%20Back%20Your%20Power!&content=&lng=en&uid=478ae80af4f6c141More TEXT SIZE:
A A A





Late on your mortgage? Did you know you might be able to negotiate a 20 percent reduction in what you owe? Josh Rosner, a financial analyst specializing in mortgage-backed securities, says that lenders know that if a home goes into foreclosure, the lender will lose 60 percent or more. So what's stopping them? The banks that hold the second mortgages. Those banks routinely block such requests because debt reduction for a borrower would spell instant losses for them. And Treasury is letting them get away with it.

It's enough to make most people furious, and a recent New York summit that brought together the rock stars of power-to-the-people financial reform-everyone from TARP watchdog Elizabeth Warren, Nobel Prize-winning economist Joseph Stiglitz, and investor George Soros to Rosner, ex-New York governor Eliot Spitzer, and MSNBC's Dylan Ratigan-one message came through loud and clear: The American people are mad as hell about a financial system that puts them last, and aren't going to take it anymore.



"Americans understand the game and don't like the game," said a steely Warren. "This is a dispute of families versus banks." Instead of creating the strong and independent Consumer Financial Protection Agency Warren has called for, Senate leaders now want to to set it up inside the Federal Reserve. That's like putting the chicken coop inside the fox hole. Though the Fed has been making up for it recently with new consumer-friendly regulations, it spent years enabling the booming subprime lending industry.

That's just how their lobbyists want it, said Warren: "Banks are fighting to kill the consumer agency so they can keep the fine print, write all the rules, and keep the contracts unreadable."

But consumers may have a lot more power than they realize. Rosner calculates that banks have $900 billion in second mortgages on their books – home equity loans, down payment helpers and such that are at best worth 40 cents now for every dollar the banks lent out. Just four big banks – Wells Fargo, Chase, Bank of America, and Citigroup – are on the hook for half of those loans. And right now, Rosner told the crowd, it's payday time for the Big Four, which have been blocking debt reductions for borrowers who badly need them.


So why has Treasury been letting the banks get away with blocking real debt reduction for consumers? "Banks are massively under-capitalized on second lien exposure," Rosner warned the crowd. If homeowners actually got the debt reductions they should be getting, "regulators would have egg on their face, the banks would be right back in TARP, it would seriously reveal the weaknesses of [Treasury's TARP] stress tests, and we'd be right back where we started" – with big banks on the brink, in need of massive bailouts. Rosner estimates that the banks have at most $225 million in reserves to cover such losses. By allowing those same banks to pay executives huge bonuses, "The government, I would argue, is tacitly or explicitly a partner in securities fraud."

Rosner says that borrowers have power to fight back, especially in "non-recourse" states where lenders can't go after their assets following a foreclosure. That's right – he's joining the chorus telling borrowers to take a stand and walk away from their mortgages. If enough do it, he says, banks will have to respond.

"Once people start making inbound calls and overwhelming servicers," suggests Rosner, "they'll be forced to decide – who should get a write-down, who should do a short sale, who should just keep making payments."

Just 15,000 calls demanding mortgage debt reductions, Rosner expects, could make all the difference.

Any volunteers?
 

THANKS2U

LoanSafe Member
Jul 8, 2009
578
6
0
MELANIE702

THANK YOU FOR THE TRUTH !!!


170,000 borrowers receive permanent mortgage modifications - Mar. 12, 2010


"Our measurement of success cannot be based on how many people gain assistance for only a few months, but it must be based on how many people gain permanent and sustainable modifications," said New York State Banking Superintendent Richard Neiman, who serves on the State Foreclosure Prevention Working Group.

Melanie : This is a GREAT article to say the least !

Appreciatively,

T2U
 

THANKS2U

LoanSafe Member
Jul 8, 2009
578
6
0
Thanks for these 2 articles: From ( FOLDEM )

washingtonpost.com


Permanently modified mortgages grow by 45%, government says - latimes.com

My / Thanks2u opinion on all this is ..........

The banks have attempted to beat us homeowners down to the point where homeowners will accept measly & moldy bread crumbs, instead of the fresh loaves of bread we deserve.

After months of hard work, banks / servicers and investors, predominantly offer distressed and defrauded homeowners, loan modifications which are NOT truthfully helpful in the long run. The mods are not Sustainable !

Permanent Modifications mean NOTHING !

Principal Forbearances mean NOTHING !

Trial periods are a FARCE !

2 % Fixed for only 5 years will end up meaning NOTHING !

We all need to focus on modifications which are named SUSTAINABLE LOAN MODIFICATIONS !

Sustainable Loan Modifications are mortgage loans which have been permanently and sustainably restructured through reduced interest rates, which are at a fixed rate for 30 to 40 years and where, when needed, principal reductions are given to first and second mortgages simultaneously, in the form of forgiving the write down of said principal reductions, with no balloon payment due at sale or end of loan term.

The principal reductions have ben extinguished PERIOD !

Any other type of loan modifications are fraudulent folly for 90+ % of us, who need truly Sustainable Loan Modifications NOW !
 

MIKE0031

LoanSafe Member
Mar 18, 2010
2
0
0
Can IRA assets be considered "reserves" if the IRA cannot be tapped into without the standard 10% penalty ?
 

ama125

LoanSafe Member
Jun 18, 2009
1,533
13
0
44
Reading, PA
Can IRA assets be considered "reserves" if the IRA cannot be tapped into without the standard 10% penalty ?
I don't believe ANY retirement accounts can be counted as cash reserves... they are off limits but that does not mean that a bank won't try and suggest that you use them to make payments.
 

davephx

LoanSafe Member
Jul 21, 2009
5,435
47
48
Specifically not to be considered under HAMP.

Citi underwrting says they include and report here of denial because someone hadn't spend down all their 401K.

Executive response says underwriting is wrong per post here.

Who wins?
 

THANKS2U

LoanSafe Member
Jul 8, 2009
578
6
0
Sue Your Lender, Save Your Home


This recession has hit everyone-----the rich, the middle class, the lower class, and the poor. No one expected this situation and there was no way to predict it. With closing businesses and lost jobs, the foreclosure problem is hitting many. Because of the lack of resources, it's hard to afford an attorney. If more banks would participate in modifications instead of going for the big bucks to foreclose, our economy would bounce back much quicker. (The banks already have the years of payments on the home, the insurance from the FDIC, the equity in the home, THEN they take the home, sell it and make MORE money. Greed will eventually destroy our country). Share the wealth and work together and we can make it through this rough time.


Tony,I hate to say it but you have no idea what you are talking about. I live in a small modest home that I bought 24 years ago. At the time of purchase I could afford the payments and did not overextend myself. 12 years ago my husband became disabled. We are now living on one income. I kept my payments up until the last year when things just got to be more than I could pay for by myself. My lender put my home in foreclosure because I was two months late. I mailed a payment in the third month and they returned it. I filed for the Prepaid affordable Monthly Mortgage plan to save my home. It took me months to get a final answer. But, before I got that answer I sent my certified check for my 3rd required payment as instructed and Wells Fargo insisted they didn't get it. I had another payment, which I couldn't afford, sent in it's place and then they said they got both. They kept the extra payment to apply later. (I had to borrow that money) Anyway, after they approved me for the program they lowered my interest rate but my payments are as large now as they were before. Yes, I could sell my home I have lived in for almost 25 years but then what. Live in an apartment that costs the same thing. I think my husband has been through enough without me losing his home. You have no right to speak about people who have high priced homes. They could probably afford them when they got them and they deserve to have whatever they have spent their life working and earning. I hope there are people out there somewhere that will help these people who so desperately need it.


I just moved to an apartment after CHASE bank refused to work with me on a loan modification. Payment at 1798.00 a month and 7 years left to pay. I live in my house for many years. My salary dropped due to perm disibility and partners job loss. I was willing to do anything....the bank wanted my house. They got their way. God Bless America..... Thank you CHASE Bank....for nothing.

The program is definitely a joke. Just another fabrication to make Americans think the government is helping us when we need it(75% denials, GIVE ME A BREAK!!). My 17 yr mortgage is with Wamu/Chase. My husband was out of work for over 5 yrs, and instead of losing our home, we defaulted on our cc so we could afford the mortgage with my 3 jobs. We refinanced during that time and are now stuck with an almost 10% ARM. From a $1540.00 per month payment(no escrow), only $100 goes towards the principal. OVER $1400 per month goes to interest. We were finally blessed with a good job for him, so I requested a modification or refi to reduce the interest in order to help us afford to finally pay our other creditors and still keep paying our home. After 5-6weeks, they denied us for refi because our credit score is below what they want, and denied a modification because now our income is "too high". I thought consumers that were straddled with these high interest ARMS were one of the main groups that the program was supposed to help. We have sacrificed a lot to keep our home, but now that WAMU/CHASE has proven their greed and lack of caring, maybe we should just let the termites eat the home or the roof cave in, then we will let them keep it! At only $100 going towards the principal, we won't live to see it paid off anyway

I too have gone through financial hardship and our loan is with Chase. There modification program is right up there with root canals. Credit is too bad, make too much money, etc just like many of you here. The truth is, Chase doesn't have the intelligence to read the documents given to them. They are the most unorganized heartless bunch I have ever dealt with in my 56 years. I haven't gotten close enough to anyone to see if they have a pulse. Different person everytime anyway. If it wasn't for the bail out they would be out of business. What would be wrong with that ?

I really had thought the home modification program was a good idea for my husband and I. Wells Fargo is our lender and when they approached us for this program we were thrilled. They got us a lower mortgage rate and our payments went down almost $200.00. We got everything signed and received our first bill for the modification program and "SURPRISE" it was even more than we were paying before this program. So I immediately contacted Wells Fargo to see what was going on and they said that our taxes in our escrow account had gone up and for the next year we would be paying this NEW amount, which is more than our previous mortgage, for the next year to catch up on our escrow account. What a bunch of BULL. I cannot understand how a mortgage company can make such a large mistage like this and not some how correct it without making our payments higher than they were before. Wells Fargo apologized but said there is nothing they can do. I really think that is a bunch of crap and am so disappointed with them and this modification program. So just beware.

The exact same thing happened to us with Bank of America. We went through months of jumping through hoops, had over $7,000 tacked onto the end of our mortgage (the banks don't lose money on this, by the way), and then got the final papers on New Years Eve saying we had to sign and return them by January 2, and the payments were more than what we were trying to modify! I contacted my congressman, who has intervened in our behalf, and Bank of America is now renegotiating wih us (which is interesting considering every "customer service" person I spoke to told me there could be no negotiation). The whole program is a ripoff.

I am no communist but, when I see all the injustice against the people of this country perpetrated by the banks I believe it is time for the government to take over the banking system. Get rid of the Fed as soon as possible.
 

THANKS2U

LoanSafe Member
Jul 8, 2009
578
6
0
<TABLE id=post220177 class=tborder border=0 cellSpacing=0 cellPadding=6 width="100%" align=center><TBODY><TR vAlign=top><TD style="BORDER-BOTTOM: #d1d1e1 0px solid; BORDER-LEFT: #d1d1e1 1px solid; BORDER-TOP: #d1d1e1 0px solid; BORDER-RIGHT: #d1d1e1 1px solid" class=alt2 width=175>Garry<!-- google_ad_section_end --><SCRIPT type=text/javascript> vbmenu_register("postmenu_220177", true); </SCRIPT>
Senior Member




Join Date: Aug 2009
Location: AZ
Posts: 2,955
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0



</TD><TD style="BORDER-RIGHT: #d1d1e1 1px solid" id=td_post_220177 class=alt1><!-- google_ad_section_start -->Fannie Mae Introduces Alternative HAMP Modification<!-- google_ad_section_end -->
<HR style="BACKGROUND-COLOR: #d1d1e1; COLOR: #d1d1e1" SIZE=1><SCRIPT type=text/javascript><!--google_ad_client = "pub-9439165354589625";/* 336x280, created 12/10/09 */google_ad_slot = "9247397141";google_ad_width = 336;google_ad_height = 280;//--> </SCRIPT><SCRIPT type=text/javascript src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </SCRIPT><SCRIPT>google_protectAndRun("ads_core.google_render_ad", google_handleError, google_render_ad);</SCRIPT><INS style="POSITION: relative; BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0px; BORDER-RIGHT-STYLE: none; MARGIN: 0px; PADDING-LEFT: 0px; WIDTH: 336px; PADDING-RIGHT: 0px; DISPLAY: inline-table; BORDER-TOP-STYLE: none; HEIGHT: 280px; VISIBILITY: visible; BORDER-LEFT-STYLE: none; PADDING-TOP: 0px"><INS style="POSITION: relative; BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0px; BORDER-RIGHT-STYLE: none; MARGIN: 0px; PADDING-LEFT: 0px; WIDTH: 336px; PADDING-RIGHT: 0px; DISPLAY: block; BORDER-TOP-STYLE: none; HEIGHT: 280px; VISIBILITY: visible; BORDER-LEFT-STYLE: none; PADDING-TOP: 0px"><IFRAME style="POSITION: absolute; TOP: 0px; LEFT: 0px" id=google_ads_frame4 height=280 marginHeight=0 src="http://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-9439165354589625&output=html&h=280&slotname=9247397141&w=336&lmt=1269133849&flash=10.0.32.18&url=http%3A%2F%2Fwww.loansafe.org%2Fforum%2Fmaking-home-affordable%2F25687-fannie-mae-introduces-alternative-hamp-modification.html&dt=1269133849500&prev_slotnames=6934449949%2C6684699744%2C0453740445&correlator=1269133849390&frm=0&ga_vid=591132488.1269131766&ga_sid=1269131766&ga_hid=1502542648&ga_fc=1&u_tz=-420&u_his=10&u_java=1&u_h=800&u_w=1280&u_ah=765&u_aw=1280&u_cd=32&u_nplug=0&u_nmime=0&biw=1071&bih=573&fu=0&ifi=4&dtd=15&xpc=GcIEY2wkaa&p=http%3A//www.loansafe.org" frameBorder=0 width=336 allowTransparency name=google_ads_frame marginWidth=0 scrolling=no></IFRAME></INS></INS><!-- google_ad_section_start -->Fannie Mae Introduces Alternative HAMP Modification

03/18/2010 By: Carrie Bay Fannie Mae Introduces Alternative HAMP Modification

Servicers are working faster and more diligently to convert trial modifications to permanent status under the administration’s Home Affordable Modification Program (HAMP). In February, the number of mods in the permanent column increased 45 percent compared to January. But the bitter truth is that some homeowners won’t qualify for long-term relief even after successfully making their trial payments – whether it’s because of insufficient documentation during the final application process or because once income is verified, their debt-to-income ratio pushes them out of the qualifying bracket.
To offer these homeowners another option, Fannie Mae is instituting the “Alternative Modification†(Alt Mod) and requiring all its servicers to evaluate a borrower for the new solution before proceeding with foreclosure.
In a letter to lenders Thursday, Fannie explained that the Alt Mod is “an alternative to the HAMP modification for those borrowers who were eligible for and accepted into a HAMP trial period plan but were subsequently not offered a permanent HAMP modification because of eligibility restrictions.â€
For mortgage loans in active HAMP trials initiated prior to March 1, 2010, all Fannie Mae-approved servicers must consider the Alt Mod prior to the initiation of foreclosure for all eligible borrowers who were not offered a permanent HAMP modification after making all required trial payments.


As outlined in the Alt Mod FAQ, in addition to HAMP evaluation and fulfillment of trial payments, one of the following is required for eligibility:
  • The monthly mortgage payment ratio based on verified income was less than 31 percent.
  • The target monthly mortgage payment ratio of 31 percent based on verified income could not be reached using the standard HAMP modification waterfall.
  • The borrower failed to provide all income documentation required for a HAMP modification but meets the streamlined income documentation requirements outlined by Fannie.
Fannie Mae noted within the program documentation that in all cases a signed hardship affidavit is required, and the Alt Mod mortgage payment may not be reduced below 20 percent of the borrower’s verified monthly gross income. The GSE also stressed that a principal write-down or principal forgiveness is prohibited on Fannie Mae mortgage loans.
For qualified borrowers who are already identified as ineligible for a permanent HAMP modification, Alt Mod offers must be sent to them within the next 30 days. Going forward, for other borrowers who entered into a trial plan prior to March 1, 2010 but are denied a permanent HAMP mod, offers must be sent within 10 days of completion of the trial period and expiration of the 30-day HAMP borrower notice.
A servicer will receive compensation of $800 for each completed Alt Mod. Unlike HAMP, there are no borrower incentive payments available under the alternative program.
The GSE is also seeking blanket delegations of authority from mortgage insurers so that servicers can more efficiently process Alt Mods without having to obtain mortgage insurer approval on individual loans.
Fannie Mae noted that the Alt Mod is a temporary servicing policy change, with a sunset date of August 31, 2010.<!-- google_ad_section_end -->
<!-- google_ad_section_start --><SCRIPT type=text/javascript><!--google_ad_client = "pub-9439165354589625";/* 336x280, created 12/9/09 */google_ad_slot = "3961481147";google_ad_width = 336;google_ad_height = 280;//--> </SCRIPT><SCRIPT type=text/javascript src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </SCRIPT><SCRIPT>google_protectAndRun("ads_core.google_render_ad", google_handleError, google_render_ad);</SCRIPT></TD></TR></TBODY></TABLE>
THANK YOU FOR ARTICLE GARRY YOU ROCK !


Fannie Mae Introduces Alternative HAMP Modification

03/18/2010 By: Carrie Bay
Fannie Mae Introduces Alternative HAMP Modification

Servicers are working faster and more diligently to convert trial modifications to permanent status under the administration’s Home Affordable Modification Program (HAMP). In February, the number of mods in the permanent column increased 45 percent compared to January. But the bitter truth is that some homeowners won’t qualify for long-term relief even after successfully making their trial payments – whether it’s because of insufficient documentation during the final application process or because once income is verified, their debt-to-income ratio pushes them out of the qualifying bracket.
To offer these homeowners another option, Fannie Mae is instituting the “Alternative Modification†(Alt Mod) and requiring all its servicers to evaluate a borrower for the new solution before proceeding with foreclosure.
In a letter to lenders Thursday, Fannie explained that the Alt Mod is “an alternative to the HAMP modification for those borrowers who were eligible for and accepted into a HAMP trial period plan but were subsequently not offered a permanent HAMP modification because of eligibility restrictions.â€
For mortgage loans in active HAMP trials initiated prior to March 1, 2010, all Fannie Mae-approved servicers must consider the Alt Mod prior to the initiation of foreclosure for all eligible borrowers who were not offered a permanent HAMP modification after making all required trial payments.


As outlined in the Alt Mod FAQ, in addition to HAMP evaluation and fulfillment of trial payments, one of the following is required for eligibility:
  • The monthly mortgage payment ratio based on verified income was less than 31 percent.
  • The target monthly mortgage payment ratio of 31 percent based on verified income could not be reached using the standard HAMP modification waterfall.
  • The borrower failed to provide all income documentation required for a HAMP modification but meets the streamlined income documentation requirements outlined by Fannie.
Fannie Mae noted within the program documentation that in all cases a signed hardship affidavit is required, and the Alt Mod mortgage payment may not be reduced below 20 percent of the borrower’s verified monthly gross income. The GSE also stressed that a principal write-down or principal forgiveness is prohibited on Fannie Mae mortgage loans.
For qualified borrowers who are already identified as ineligible for a permanent HAMP modification, Alt Mod offers must be sent to them within the next 30 days. Going forward, for other borrowers who entered into a trial plan prior to March 1, 2010 but are denied a permanent HAMP mod, offers must be sent within 10 days of completion of the trial period and expiration of the 30-day HAMP borrower notice.
A servicer will receive compensation of $800 for each completed Alt Mod. Unlike HAMP, there are no borrower incentive payments available under the alternative program.
The GSE is also seeking blanket delegations of authority from mortgage insurers so that servicers can more efficiently process Alt Mods without having to obtain mortgage insurer approval on individual loans.
Fannie Mae noted that the Alt Mod is a temporary servicing policy change, with a sunset date of August 31, 2010.<!-- google_ad_section_end -->

https://www.efanniemae.com/sf/guides...010/ll1004.pdf<!-- google_ad_section_end -->


https://www.efanniemae.com/sf/servic...altmodfaqs.pdf<!-- google_ad_section_end -->


https://www.hopenow.com/index.php


<!-- google_ad_section_end -->





<!-- google_ad_section_start --><SCRIPT type=text/javascript><!--google_ad_client = "pub-9439165354589625";/* 336x280, created 12/9/09 */google_ad_slot = "3961481147";google_ad_width = 336;google_ad_height = 280;//--> </SCRIPT><SCRIPT type=text/javascript src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </SCRIPT><SCRIPT>google_protectAndRun("ads_core.google_render_ad", google_handleError, google_render_ad);</SCRIPT>