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.