Another HAMP Revision Announced with Principal Writedowns & Extended to Investors!!!!

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Real Estate Agent with Top Agents Atlanta Metro

Floating HouseDS News just wrote that Obama has just announced modifications to HAMP - Home Affordable Modification Program.  The announcement includes a second look at borrowers who may have not qualified under the last HAMP program with a change in debt to income requirements for owner occupied homes.  It even includes an extension of the program to investor owned homes which prior to this have not qualified for HAMP or any modification programs.  This may provide some relief for investors with rental properties for the first time since the crisis began.

This could produce a further foreclosure delay in some previously rejected borrowers under the prior HAMP programs, by now requiring requalification of  already severely delinquent borrowers again (this is the third modification to HAMP in the past year) for a newly modified HAMP program.  This has been the pattern over the past year with many loans thus avoiding foreclosure and swelling the shadow inventory of delinquent homes.  Hopefully many more people will be able to keep their homes and work to get them current through this program.  This is a developing story, so more details should come out over the coming week.

The announcement also states that the deadline for HAMP will be extended to December 31, 2013.  Election years are great for the incubant to make a lot of programs available to homeowners (voters).  Watch for more information to come available.

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Rainmaker
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Patrick White
Home Driven Realty, Inc - Baldwin, NY
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Good Evening Mary

Thanks for the post and HAMP update. Have a great day

Jan 27, 2012 07:33 PM #1
Rainer
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Mary Macy
Top Agents Atlanta Metro - Roswell, GA
Top Agents Atlanta Metro

My pleasure Patrick, hopefully this will help some homeowners keep their homes.

Jan 27, 2012 07:47 PM #2
Anonymous
Lissete

Hi Mary,

Is the new HAMP revisison allowing investors to apply for loan modifications effective immediately or pending implementation?

Liz

Jan 30, 2012 04:50 PM #3
Rainer
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Mary Macy
Top Agents Atlanta Metro - Roswell, GA
Top Agents Atlanta Metro

Liz, It is like everything else being announced, first the announcement then it has usually ben about 15 days until we saw the details.  You may want to check Fannie Mae and Freddie Mac Web Sites for updates.  Another good source to check on a weekly basis in the upcoming weeks is housingwire here is an article from them on the investor HAMP http://www.housingwire.com/2012/01/27/treasury-to-pay-investors-triple-for-hamp-principal-reductions

Jan 30, 2012 09:36 PM #4
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Rainer
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Mary Macy

Top Agents Atlanta Metro
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