HAMP Mortgage Rate Reduction

by John B from Ventura, California, USA

Ask Kate about HAMP Mortgage Rate Reduction and Modification: Hi Kate, I have a home loan with one of the largest direct lenders as well as my 2nd. We have already tried for a mortgage loan modification with them but after almost two years of no call backs and never telling us they lost our paperwork, etc... they didn't do anything for us.

John continues... They took one payment or whatever and added it to the end of our loan. They didn't lower our principal or interest rate. Nothing. My loan is more than my house is worth. My 1st is a interest only loan at 7% and won't adjust until 2016. Any advice?

Kate Answers: HAMP Mortgage Interest Rate Reduction and Modification

Ask Kate at Get-Your-Best-Mortgage-Rate.com
Hi John, Nice to hear from you but I'm also saddened to learn of your difficulties.

As luck would have it, I have some good information for you.

First, may I backtrack a moment for the sake of others reading your letter who aren't familiar with HAMP.

What is HAMP Mortgage Loan Modification

One of the Obama Administration's Making Home Affordable (MHA) programs is HAMP, the Home Affordable Modification Program.

HAMP is tailored to homeowners who are struggling to make their mortgage payments. Qualified homeowners can get mortgage rate reductions and principal modifications so they can afford to stay in their homes.

It is worth noting this will be a dark mark on credit reports but most homeowners in this position are already suffering from job losses, medical calamities, and other hardships, prioritizing survival over their once pristine credit report.

Read more about HAMP at Special Edition Making Home Affordable Options and Ask Kate HAMP Questions and Answers here.

How to Get HAMP Loan Modification

As you well know, securing a HAMP modification over the phone has been an unjust experience for homeowners thus far.

But you can toss out your phone because a Making Home Affordable local event is coming to your neck of the woods IN PERSON soon.

Why makes this different? When you attend the MHA community event, you will meet with your lender face-to-face.

As long as you take the required financial documents, you should be able to work out a HAMP mortgage rate reduction and principal modification that day, assuming you qualify.

HAMP Rate Reduction and Modification Comes to Los Angeles

Here are the details of your nearby Making Home Affordable local community event. On Thursday, March 22, 2012 from 1:00pm to 8:00pm, Making Home Affordable comes to the Los Angeles Convention Center, 1201 South Figueroa St, Los Angeles, California 90015.

For help with understanding which required documentation you should bring, call 1-888-995-HOPE (4673). The help is free. Don't miss this opportunity to sit down, get one-on-one assistance for HAMP mortgage rate reduction.

Current schedules for Making Home Affordable local community events are found in the blue box below!

Good luck and best wishes,

Ask Kate

Ask Kate & Link to Kate

Ask Kate a question or skip to the bottom of this page to add a comment.

Would you also like to send a link to this page for your friends and family to see? Or link from your website or blog?

Simply add --
-- to your email, website or blog.

Have You Seen the Most Recent Ask Kate Answers

Back to Making Home Affordable and other Loan Modification Q&A with Ask Kate from HAMP Mortgage Rate Reduction

Home to
Best Mortgage Rates from HAMP Mortgage Rate Reduction and Modification

Tell a Friend

My goal is to empower homeowners! Please spread the word about HAMP Mortgage Rate Reduction and Modification on Twitter and Facebook or another group. Word of mouth is great too!

Click here to add a comment.

You can also ask Kate about your mortgage at How to Find Your Mortgage Lender.

Recent Articles

  1. List of Mortgage Companies - Kate's Lender Directory

    Jul 18, 18 12:02 PM

    Welcome to List of Mortgage Companies, a professional lender directory for homeowners and home buyers, organized conveniently from Alabama to Wyoming.

    Read more

  2. List of Mortgage Companies in Wyoming

    Jul 18, 18 11:26 AM

    List of Mortgage Companies in Wyoming: Find your best mortgage loans in Cheyenne, Casper, and other Wyoming cities using this mortgage lender directory.

    Read more