Regardless of your personal opinion about bail-outs and loan modifications (You might want to smack people who used their McMansions as ATMs machines and flippers who figured new toilets and counters equalled a $60,000 increase in value....) But Regardless of your personal feelings....
You are going to have folks calling your office, and walking into your office wanting to talk about the new Streamlined Modification Program that kicks off December 15.
Here's one useful link I found ( http://www.hopenow.com/upload/press_release/files/SMP%20Release%20Final.pdf ) It's a PDF from the HOPE NOW website with a pretty concise explanation, and even a flow chart...
Cheryl - thanks for posting the links, I will make sure that I understand the program.
I understand the program but now we need people at the end of it to administer it. I guess my biggest concern is the decisions that will be made.
Thanks Cheryl- I will take a look at this.
Geez, here we go again. I truly hope it works because the sad fact is that too many lenders are NOT working with borrowers - oh sure, they will do a repayment plan which is often just a band-aid fix but true loan mods are not so forthcoming. A couple of weeks ago, Chase home retention rep said that Chase will not agree to any permanent rate reductions - the borrower had a 8.55% rate. If Chase would have agree to take that rate to market or even a little above - the per month savings would have made the monthly payment affordable for the borrower. The borrower is actually somewhat upside down in the house but that was irrelevant to Chase.
Recently I heard someone say (and I totally agree) that ...'Programs without funding are just hallucinations'...
I breifly read the new hope now stream line modification. I'm wondering why the borrowers have to be 90 days late in order to qualify.
Spanking link! Thank you, Cher. :-)
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