My client had a loan modification 2.5 years ago, she is a principal in a private school, paycheck verification. Her husband lost his business 3 years ago and is a stay at home Dad as they can not afford child care for two small children. She is the sole provider, Ocwen did a loan mod 2.5 years ago at $100.00 less per month. At a time when the husband still had some income.
If anyone can shed some light on this please reply.
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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...
thank you Patsy.
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.
thank you Nolberto - I will try to go that route.
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,
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.
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