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.
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
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
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,
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