Relevant:
- BofA Completes 33,000 Permanent HAMP Mods
- In January of This Year the Treasury Department Told Lenders How to Move Trial Modifications to Permanent. Why Are They Procrastinating?
- HAMP, IT'S SUCCESSES AND FAILURES
- 13.9% of Ocwen’s HAMP Modifications Complete Trial Stage
- Bank of America Offers Principal Reductions to 200,000 Homeowners
2009-12-17 — mortgagenewsdaily.com
``The new rule will no longer require that the trial period be restarted if the borrower understates income, regardless of amount. If the other conditions of HAMP are satisfied, the borrower can proceed to permanent status. The monthly payments under the permanent modification will be adjusted to reflect the higher verified income, but the borrower does not have to make up for any "shortfall" in respect of the lower trial period payments that were made. I can confirm that the borrower's HAMP eligibility (31% DTI) will still be tested based on the higher verified income. I already tried that one.''
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Comments:
mortgagemess at 20:47 2009-12-18 said:
The problem isn't the trial period, it is the commitment by the lender AFTER the trial period is done. There are too many comments made by borrowers who say they have fulfilled their requirements of the trial modification and yet STILL get denied a mod. Our comunities need a serious overhall of the HAMP program to $top compensating the lender$ and start helping the borrowers. Foreclosures are out of control one year later. Permalinkadd a comment | go to forum thread
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