Mortgage Servicers Will Have To Tell You Why You Were Denied HAMP Modification

HAMP Guidelines Changing

This policy is not effective until January 1, 2010, but the Government is requesting that mortgage servicers start following it now.

I have talked to many people confused about the whole process, and even more confused when they are denied without any explanation.

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2 Responses to Mortgage Servicers Will Have To Tell You Why You Were Denied HAMP Modification
  1. Scott Showers
    November 6, 2009 | 5:17 am

    I recently had a client that apparently did not meet the qualifications of the government program but supposedly met the loan service providers criteria.

    Bottom line, loan servicer did a modification that lasts only two years and now the client owes more on his house than what he paid for it.

    This is a sham, the guy is going to be worse off when his rate goes back up in two years with a higher principle amount of money!

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