Bank of America Having HAMP Troubles
This article outlines some of the problem with the HAMP program and states that B of A accounts for nearly half of the HAMP backlog. The numbers they quote do not offer promising news for homeowners attempting a loan modification.
I’m not sure about what all of you have experienced, but the HAMP program is essentially worthless in my community of Maricopa Arizona. Either my clients do not qualify or the solution offered is not enough to ease their financial distress. Either way, the process is taking way too long and is just moving the homeowner closer to their dreaded sale date.
As a short sale specialist, it puts me in a very tough position. I want to do all I can to ensure that a client receives the best possible outcome to their distressed situation. However, I laso want to do all I can to make sure that they avoid a foreclosure. The first question I always ask them is “have you talked to your lender”. Though I must admit, I say it half heartedly!!
What are all of you experiencing in regards to loan mods, particularly HAMP? I know of only one success story in the three years that I have been focusing on distressed properties.
