In a report from cnnmoney.com it’s stated that the coming week will bring new guidelines for the Obama home loan mortgage modification foreclosure prevention program, which could be good news for some homeowners but bad news for others.
The Treasury Department has informed all lenders involved with the Home Affordable Modification Program, or HAMP, that they have until January 31st to review all the trial modifications on their books and make sure that homeowners have everything in order. If a homeowner’s paperwork isn’t in order, they are to be given thirty days to correct any errors or provide any documentation needed by their lender to help the home loan modification process along.
Problems in the home loan mortgage modification foreclosure prevention program are numerous, but not to the point of being irresolvable. Homeowners complain of lenders losing their paperwork or simply denying them a modification despite qualifying and meeting all the requirements of the program. Lenders in the home loan mortgage modification foreclosure prevention program are saying homeowners aren’t sending paperwork in, which is causing troubles in the program.
However, the new guidelines by the Treasury Department are said to help unclog the vast amounts of homeowners who have been stuck in a trial period and move more homeowners into the permanent modification phase of the home loan mortgage modification foreclosure prevention program.
The Treasury has yet to release the new rules on the program, but homeowners in the home loan modification program need to continually check with their lender to assure that their paperwork was received and get any confirmation they can about the receipt of their documentation.
