On
Monday, February 27, 2017, Fannie Mae, acting as
administrator of Home Affordable
Modification Program (HAMP), implemented portions of the Supplemental
Directive 16-02
regarding the termination of Making Homes
Affordable Program (MHA).
Now,
borrowers who have applied for a modification on or before the termination...
Showing posts with label HAMP. Show all posts
Showing posts with label HAMP. Show all posts
Wednesday, March 08, 2017
Thursday, September 08, 2016
On August
25, 2016, the Federal Housing Finance Agency (FHFA) announced a new
refinance program by Fannie Mae and Freddie Mac that will be implemented in
October 2017 for borrowers who are underwater on their mortgages.
This new program will replace the current Home Affordable Refinance Program (HARP), which was set...
Monday, June 20, 2016
20
Jun
The Making Home Affordable (MHA) Program, which was launched in 2009
to assist millions of distressed homeowners facing foreclosure, is set to
expire on December 31, 2016. Under this program, homeowners with non-GSE mortgages
(i.e. mortgages not owned or guaranteed by FannieMae or Freddie Mac) may apply and be reviewed...
Tuesday, May 31, 2016
The
U.S. Department of Treasury recently released Supplemental
Directive 16-04 (Making Home Affordable
Program – Handbook for Servicers Version 5.1). This Supplemental Directive announces the
release of Version 5.1 of the
Making Home Affordable (“MHA”) Handbook (the “Handbook”). This newest version of the...
Tuesday, May 10, 2016
The U.S. Department of Treasury (Treasury) recently released Supplemental Directive (SD) 16-03 (MHA Program Termination and Borrower Application Sunset II) to the Making Home Affordable (MHA) handbook, containing “sunset” provisions for its MHA program. The release of this Supplemental Directive signals that there will...
Monday, July 13, 2015
The U.S. Treasury Department has issued Supplemental Directive 15-06 “Making Home Affordable Program – Streamlined Modification Process”.This new program is akin to the Streamlined Modifications already offered on GSE Loans. GSE or “Government-sponsored enterprise”, are privately held corporations for a public purpose...
Tuesday, May 26, 2015
26
May
The Making Home
Affordable Program (MHA), has been formally extended 1 year, through December
31, 2016, by Supplemental
Directive 15-04. The program has been
widely successful in providing affordable alternatives to foreclosure for millions
of homeowners nationwide, and the extension through 2016 will provide relief to
the...
Wednesday, October 22, 2014
22
Oct
This revised tool is used by "servicers participating in HAMP as a tool for deciding whether to modify a troubled mortgage that is eligible for subsidies under the program".
A main thrust of this new version of the NPV tool is for non-owner-occupied properties.
Additionally, investor incentives for successful modifications...
Wednesday, October 08, 2014
08
Oct
Great news for those struggling with their mortgage after
previously receiving a modification! Now, you can re-modify your mortgage due
to recent amendments to the Making Homes Affordable (MHA) Handbook. On
September 30th, Treasury released Supplemental Directive 14-03,
which provides new guidelines, updates and clarifications...
Thursday, August 07, 2014
If you are a struggling homeowner and have sought relief via
a loan modification, there may be new pressure on lenders to negotiate a
modification. Last week, New York’s Appellate Division, Second Department,
ruled in US Bank N.A. v Sarmiento that Wells Fargo, a well-known lender, could
not collect interest or...
Thursday, July 03, 2014
03
Jul
If you are a struggling homeowner and have defaulted or are
at risk of default on your mortgage loan, an application for the Home
Affordable Modification Program (HAMP) may be your best chance of obtaining
an affordable loan modification.
Previously set to expire in December 2015, the Home
Affordable Modification...
Monday, June 30, 2014
Before you apply for a loan modification, it is wise to
understand and have realistic expectations about the process. The Home
Affordable Modification Program, now in its fifth year, is the federal
modification program that has, to date, successfully provided for over 1.3
million permanent loan modifications nationwide....
Friday, May 16, 2014
Starting in June 2014, judges on Long Island will take on a
substantial role in Foreclosure Settlement Conferences as issues arise in
foreclosure litigation. The purpose of this new
policy is to solve homeowners’ issues in an efficient way and help more
homeowners obtain loan modifications in an area of the country where...
Thursday, April 24, 2014
24
Apr
Updates to the Making Home Affordable Handbook for the federal Home Affordable Modification Program are available here and will be effective July 1, 2014!
Top things you need to know about HAMP:
The Home Affordable Modification Program (HAMP) is a federal program designed to help homeowners obtain affordable loan...
Wednesday, February 26, 2014
Due to the housing bubble burst in
2008, the federal government took ownership of the mortgage giants, Fannie Mae and Freddie Mac, and bailed them out of
financial ruin. Not only did this bailout cost $187.5 billion in taxpayer
dollars, but it also took years for Fannie Mae and Freddie Mac to recover from their
monumental...
Wednesday, January 22, 2014
Have you applied for a loan modification and felt that your
servicer did not properly review you for HAMP
and other Making
Home Affordable programs? Perhaps your servicer lost your documents or failed
to provide you with the proper update on your file? Well, what are you waiting
for? Escalate your case today and demand...
Wednesday, January 08, 2014
The time has come! Supplemental
Directive 13-09 to the Making
Homes Affordable handbook will take effect in two days on January 10, 2014.
As discussed in a previous entry,
this Supplemental
Directive makes the loss mitigation process easier, clearer, and more
efficient. It is an alignment with the final Consumer...
Thursday, October 24, 2013
24
Oct
Are you sick of the unnecessarily long HAMP
application process? Do you have countless loss mitigation initial packages
sitting on your desk at home? Well, good news! Supplemental
Directive 13-09 to the Making
Homes Affordable Handbook, issued on October 18th, 2013, makes
the loss mitigation process more efficient.
Under...
Tuesday, October 08, 2013
Are you currently applying for a HAMP
loan modification? Then good news! If you are granted a HAMP trial period or
permanent loan modification on or after March 1, 2014, you may have access to
free financial counseling from your servicer!
Currently, Section
6.7 of Chapter II of the MHA Handbook, only borrowers with...
Tuesday, September 17, 2013
17
Sep
To access the new Handbook for MHA, inclusive of HAMP and HAFA, click here.
This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comp...
