Modifications,Short Sales,Deeds in Lieu,WriteDowns

HAMP Enhancements

Posted on Tuesday, April 6, 2010

March 25. 2010 HAMP Enhancements. Also FHA HAMP announcements (and Bank of America new principal write down program on 45k countrywide loans).

3 to 6 month help for unemployed.

2 year plan to help with negative equity (11 million u/w. 7 million behind on loans).

Raised relocation help from $1500 to $3000.

Requires servicers to reach out to borrowers.

Help in BK.

Write down principal 1st and 3 years if over 115% LTV. Keep 31% ratio. (FHA refinance is one write down to 97.75% LTV but allows 11% LTV with second).

Increases payment to investors, Extinguishes juniors.

Does not allow foreclosure sale during process.

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