The U.S. Department of the Treasury released implementation guidelines for the Homeowner Affordability and Stability Plan on March 4, 2009. As you may recall, the Homeowner Affordability and Stability Plan was announced by President Obama on February 18, 2009 and included the following programs: Show
Treasury refers to both programs together as the Making Home Affordable program. This update will focus on the Home Affordable Modification program. The Home Affordable Modification program became effective March 4, 2009, but significant questions remain as to the proper implementation of the program. The program is intended to modify mortgages of borrowers facing financial hardship to allow such borrowers to avoid foreclosure and to save costs for lenders. Some of the key aspects of this program are detailed in a question-and-answer format below. Which Mortgages Are Eligible for This Program?To qualify for the Home Affordable Modification program, mortgages must meet the following requirements:
What Underwriting Steps Must Be Taken Before a Loan Can Be Modified?
How Are Loans Modified Pursuant to the Home Affordable Modification Program?
What Incentives Are Available in Connection with the Home Affordable Modification program?The incentives available under the Home Affordable Modification Program vary by the status of the individual, as described in more detail below.
What Are Examples of Potential Pitfalls for Servicers and Lenders Under the Home Affordable Modification Program?
Reinhart Boerner Van Deuren s.c. is prepared to guide lenders and servicers through the process of becoming part of the Home Affordable Modification program. We have formed a team that is ready to act as a cost-effective, flat-fee loan modification service on behalf of lenders and loan servicers. In addition to our loan modification services, we would also welcome the opportunity to assist you in designing and implementing internal loan modification procedures. If you are interested in speaking with a member of our loan modification team, please contact Karla Wyse (262-951-4543). Continue ReadingThese materials provide general information which does not constitute legal or tax advice and should not be relied upon as such. Particular facts or future developments in the law may affect the topic(s) addressed within these materials. Always consult with a lawyer about your particular circumstances before acting on any information presented in these materials because it may not be applicable to you or your situation. Providing these materials to you does not create an attorney/client relationship. You should not provide confidential information to us until Reinhart agrees to represent you. |