2009-12-08 — thetruthaboutmortgage.com
"The Home Affordable Modification Program (HAMP) came under more pressure today after Chase revealed the process has been cumbersome and less successful than its own loss mitigation efforts."
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mortgagemess at 21:20 2009-12-09 said:
The reality of HAMP is that the lenders just don't want to budge. The way they get around the "cherry picking rule" of HAMP, is by offering to do loan mods directly through Chase. The ones that are left, that qualify for HAMP, are the ones they just don't want to do. The lenders would rather deny the loan mod and take the money offered through HAMP to do a short sale or cash for keys. Imagine that, the govement, paying lenders to kick you out of your home..of course that amount of payment has not be disclosed. Permalinkadd a comment | go to forum thread
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