The Home Affordable Modification Program (HAMP) will now include a "streamlined" modification.

Supplemental Directive 15-06 issued July 1, 2015 announced that The Home Affordable Modification Program (HAMP) will now include a "streamlined" modification. This new directive does not apply to GSE mortgages such as those owned or insured by Fannie Mae or Freddie Mac or VA loans or FHA loans.  Those loans are governed by different directives.  Any investor or servicing agreement that permits a servicer to offer HAMP Tier I or Hamp Tier II is encouraged to permit Streamline HAMP modifications.

This is another tool to help homeowners avoid foreclosure.  Customers who have previously been granted a HAMP Tier 1 or HAMP Tier II modification and have experienced a interest rate step-up and then again become delinquent may be eligible for the new Streamlined HAMP. This is a relaxation of a previous prohibition against multiple modification. Also, if a borrower was previously evaluated for, but not offered, a HAMP modification, they may be eligible for a Streamline HAMP.

There are a lot of variables at play in determining if one should be eligible for a modification or other program to avoid foreclosure.  If one should be eligible, then whether one actually gets the work out is a function of correctly and completely completing the paperwork.   I work for a HUD-approved housing counseling agency and have over twenty years experience as a housing counselor. There is no charge for my service.  I can evaluate you for a solution to your housing problem, and if you should be eligible for a workout, I will help you complete the Request for Mortgage Assistance.  To learn more, or to schedule an appointment call me.

Rod Williams
615-850-3453