Posts Tagged ‘HAMP’

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St Louis Home Loan and In House Financing: HAFA Short Sales Tally

Monday, January 2nd, 2012


St Louis Mortgage and Real Estate News -

St. Louis Refinancing Loan and Financing For Customers News: 10,000 HAFA Short Sales


St Louis Home Loan, Customer Financing and Consumer Lending | Principal Reduction Program | 314-334-0210 | St Louis Commercial Mortgage, Consumer Finance and Principal Loan Reduction


Servicers completed 10,438 short sales through the government’s Home Affordable Foreclosure Alternatives (HAFA) program since it launched in April 2010, according to the Treasury Department.

HAFA was designed to provide an incentive to servicers for completing short sales and deeds-in-lieu of foreclosure for (more…)

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St Louis Home Loan and Loan Reduction: 1 In 4 Get Loan Modification

Friday, April 29th, 2011


St Louis Mortgage and Real Estate News –

St Louis Mortgage Refinancing and Mortgage Lending News: Only 1 In 4 Get Mortgage Relief
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate


As HAMP slowly moves ahead, only one in four of the 2.7 million homeowners who sought to participate in the Obama administration’s signature mortgage assistance program have succeeded in getting their monthly payments reduced.

The rest failed to qualify for the program or were disqualified after they were initially accepted into the program, according to an analysis by the Wall Street Journal of data on applicants to the program newly released by the Treasury Department.

In all, about 680,000 homeowners who applied for the Home Affordable Modification Program, or HAMP, had received permanent modifications of their loans and were making timely payments or were still in the trial phase as of December 2010 according to St Louis home loan experts.

Almost 6.7 million U.S. homes were lost to foreclosure, short sales or turned back to lenders between (more…)

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St Louis Loan and Finance: TARP Blasts Foreclosure Programs

Sunday, April 17th, 2011


St Louis Mortgage and Real Estate News –

St Louis Finance and Mortgage Refinancing News: TARP Watchdog Blasts White House’s Foreclosure Programs
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate


In a quarterly report released to Congress, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP), said the program has been a success financially, but that programs “designed to help Main Street rather than Wall Street” have been failures.

Barofsky focused part of his criticism on the Home Affordable Modification Program, known as HAMP, which is intended to help eligible homeowners avoid foreclosure by facilitating mortgage modifications with loan servicers according to St Louis finance experts.

When 2010 ended, on December 31st, there were over 500,000 ongoing permanent modifications under (more…)

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St Louis Mortgage Broker: HAMP Still Struggling

Monday, April 11th, 2011


St Louis Mortgage and Real Estate News –

St Louis Finance and Mortgage Refinancing News: HAMP Found Lacking, Again
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Consultant

Approximately twelve months ago, the Congressional Oversight Panel found the program HAMP to be struggling to get off the ground despite having been in action for nearly a year and a half.

The latest evaluation of the Home Affordable Modification Program (HAMP) came out and the result was the same deal.  HAMP has undergone several  tweaks since April 2010.

But the Congressional Oversight Panel, created to issue periodic reports on the TARP bailout program, found little improvement in performance according to a St Louis mortgage broker.

Instead of helping 3 million to (more…)

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St Louis Finance: Mortgage Market Looming Defaults

Sunday, April 10th, 2011


St Louis Mortgage and Real Estate News –

St Louis Mortgage and Loan Reduction News: Mortgage Market Underestimating Future Defaults?
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate


Amherst Securities Group said the market is not taking into consideration the high likelihood of potential defaults on performing or re-performing mortgages when estimating future losses on these delinquent loans.

Mortgage-backed securities analysts at the fixed income dealer took a look at $1.3 trillion in outstanding non-agency mortgages from a year ago to see how they’re doing as of November 2010 according to St Louis mortgage lending sources.

They found that the $485 Billion (more…)

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Principal Loan Reduction: Failed HAMP Trials Growing

Sunday, April 3rd, 2011


St Louis Mortgage and Real Estate News –

St Louis Finance and Loan Audit News: Backlog Of Failed HAMP Trials Grows An Amazing 22 Percent
Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate


The largest servicers participating in the Home Affordable Modification Program (HAMP) have not taken action on 266,136 delinquent mortgages that have either been canceled out of loan modification programs trials or never qualified for one as of October 2010.

This backlog has increased 22 percent since the 218,246 reported in July 2010 and no doubt higher today.

The program’s performance, considered (more…)

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St Louis Refinance: HAMP Just Another Failure

Thursday, March 31st, 2011


St Louis Mortgage and Real Estate News –

St Louis Lending and Loan Audit News: HAMP Is A Single Failure According To Institutional Experts
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Consultant


Since mid-December of 2010, the Home Affordable Modification Program (HAMP) had processed approximately 520,000 permanent loan modifications.

The panel estimated that by the time the program is finished, it will have prevented only 700,000 foreclosures over all which is quite a contrast to the three million to (more…)

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Loan Reduction: 1.5 Million Loan Modifications

Saturday, March 19th, 2011


St Louis Mortgage and Real Estate News –

Principal Reduction and Loan Audit News: Private Mortgage Modifications Sitting At 1.53 million
Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia


Hope Now, a private sector mortgage alliance, said the mortgage industry has completed more than 1.53 million permanent loan modifications for homeowners from January through October, as St. Louis foreclosure suspensions affected foreclosure sales and starts.

For October, mortgage servicers (more…)

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Principal Reduction Program: Is HAMP Dead

Tuesday, March 1st, 2011

St Louis Mortgage and Real Estate News –

St Louis Refinancing and Loan Reduction News: HAMP May Finally Be Finished According To Housing Regulators
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia


“It’s safe to say that HAMP isn’t meeting its goal of preventing foreclosures,” Representative Maxine Waters  said at a House Financial Services subcommittee hearing after the Treasury provided a preview of a report by the U.S. Treasury Department.

According to the report, homeowners are dropping out of the Obama administration’s foreclosure (more…)

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Debt Negotiations Settlements St Louis: Loan Mods Caused Foreclosures

Wednesday, February 16th, 2011


St Louis Mortgage and Real Estate News –

St Louis Loan Reduction and Finance News: Loan Mods Led To Foreclosure Mess Say Mounting Lawsuits
St Louis Home Mortgage and Commercial Financing | St Louis Loan Modification
(877) 334-0210 or (314) 334-0210 | Floyd Tapia, Commercial Mortgage


Recently, Federal Treasury statistics showed that only about one-third of the nearly 1.4 million homeowners accepted into the government’s payment or reduction program over the past year have had their loan modification or loan reductions made permanent.

Several federal lawsuits filed in Boston accuse major lenders of breach of contract under the (more…)

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