Replies to This Discussion

Permalink Reply by Patsy Clevenger on January 8, 2014 at 12:26pm

They can apply again for a modification, they wont get HAMP if they already are on a HAMP but OCWEN can do an in house.  I can tell you the process is a pain in the butt.  All the stars in the universe have to align for them to do it, you may get a couple of denials but persistence pays off.  This has been a great tool for me to use in order to calculate numbers before I send in applications....http://www.makinghomeaffordable.gov/tools/payment-reduction/Pages/d...  

Permalink Reply by Karin Christa on January 8, 2014 at 1:58pm

thank you Patsy.

Permalink Reply by Nolberto on January 8, 2014 at 12:59pm

Karin,

You may want to check what is the interest rate on that MOD. Now, if it was 2% there is not much what you can do. Now if it was a streamline one of 5 or 6 % she could apply with the NACA group. https://www.naca.com/nacaWeb/index_main.aspx

That is the best way of go since most servicers don't want to mess with them.

I doubt they will help them with another MOD since the servicer made $5K, another $5K for the investor as for MHA incentive. In addition $5K if she had kept the account current for another 5 years but apparently it didn't happen.

Hope it helps.

Permalink Reply by Karin Christa on January 8, 2014 at 1:57pm

thank you Nolberto - I will try to go that route.

Permalink Reply by Nolberto on January 8, 2014 at 5:32pm

Karin,

You may  want to check at the guidelines here (pages 69 thru-72) 

https://www.hmpadmin.com//portal/programs/docs/hamp_servicer/mhahan...

Let me share that under the following provision;

Previous HAMP Tier 1 permanent modification

A mortgage loan on which the borrower lost good standing under a HAMP
Tier 1 permanent modification, and, at the time of evaluation for HAMP
Tier 2, at least 12 months have passed since the HAMP Tier 1
Modification Effective Date or the borrower has experienced a change in
circumstances.

She could qualify if her present hardship is totally different. Should the hardship be the same then won't work.

In addition, you may need a top executive to make it work.

Regards,

 

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on January 8, 2014 at 1:13pm

After one year and/ or a change in circumstances, a complete loss of income, homeowner can reapply for a modification. Yes they can apply under HAMP. If that is denied their are internal modifications. Given the recent settlement with Ocwen, which they should be reminded of. I have taken many a family through the modification process. It is best to team up with a non profit that provides services free. In St Louis I use Beyond Housing or Clear Point Credit Counseling (CCC is nationwide.

Permalink Reply by Karin Christa on January 8, 2014 at 2:01pm

thank you Dean. I am also non-profit since they are family and I completed their prior loan mod. Plus I do have some experience as we all are over the past few years. But I thank you and will use your recommendation and advise.

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on January 8, 2014 at 1:31pm

Here is the link to the Ocwen CFPB settlement.. Know it and remind them you know it.

http://www.consumerfinance.gov/newsroom/cfpb-state-authorities-orde...