What is the Home Affordable Modification Program (HAMP)?
What is HAMP?
The government program makes available $75 billion in funding to help 3-4 million homeowners at risk for foreclosure stay in their homes.
HAMP allows eligible mortgagees lower their monthly payments to 31% of their pre-tax income, or lower, through a loan modification. Modifying the home loan must equal net more value than foreclosing would.
The adjustments are introduced on a temporary basis but are made permanent after the homeowner makes three on-time payments. Why would lenders go for it? The Obama administration is offering up thousands of dollars in incentive payments not only to lenders but to homeowners and mortgage investors as well.
Do I qualify for a HAMP loan modification?
To qualify, you must:
1. Occupy your home as a primary residence;
2. have a monthly mortgage payment that is greater than 31% of pre-tax monthly income;
3. have a loan amount that is not greater than $729,750--the current Fannie Mae and Freddie Mac loan limits; and
4. be unable to afford your current payment.
A mortgage on a multi-unit property may be eligible for loan modification if the owner is living in one of the units as a primary residence.
And as an added incentive, homeowners who pay their modified loan payments on time for five years may be eligible for a $5000 credit applied to reduce principal debt on their first mortgage.
*Note to Homeowners, from Kristy Sinsara.
The most important thing to realize about this program is that if you are anticipating your lender working with you or working with a 3rd party negotiator, it could take up to a year to finalize. Do not anticipate a 3 month turnaround time, as stated in the HUD or Government HAMP websites. Most of these servicing companies and lenders are so inundated beyond their capacity, attempting to help hundreds of thousands of homeowners (each), they do not have the "man power" to complete the necessary steps within the original anticipated time span.
Also, most of these companies have separate departments for "collections" and home retention. Meaning, if a representative from your bank calls you because you are delinquent on your mortgage payment, it is quite possible (highly probable) that they have absolutely NO knowledge of any communication you have had with a member of the home retention team. If you call the 800 listed on your mortgage statement, even though it may say you're contacting a member of the HRT, it is more likely that you are speaking to someone in collections instead. Remember, their job is collect money from you. They will use whatever collections tactics are necessary, including scaring you into believing you have no options to get help on your mortgage payment.
This has caused a lot of problems with clients working with 3rd party negotiators. We have seen several instances where we have worked vigorously for a client for months to get them approved and had a bank representative call our client and state that they have no knowledge of our existence. There are two reasons for this. First, the banks prefer that you work with them directly because they prefer to stay in control, assuming most homeowners have no understanding or previous education on HAMP, MHA or any programs and the intricacies of how they work. MOST IMPORTANT, second, they prefer to get as much information from the homeowner as necessary. This is a dangerous proposition for most homeowners whom may potentially be facing foreclosure. If you are denied and ultimately lose your home, you have just given your lender all of your financial documentation and information to the extent that they could use it to hire an attorney and build a case against you for a future deficiency judgment. DO NOT SHARE MORE INFORMATION WITH YOUR LENDER THAN NEEDED! Unfortunately, they will ask for EVERYTHING. They do NOT need everything. Be very careful when speaking to a bank representative...and remember, the only person interested in you keeping your home, is YOU!
If you receive or have received a letter of denial, it is NOT the end for you. You can reapply upon changing circumstances. Many people are denied first BEFORE they receive acceptance letters. Most people also receive offers that do not ultimately help them on a long term basis and choose to renegotiate an offer with a bank. It is important that you use the same rules for yourself that we use at our office. RULE NO 1. NO IS NOT AN OPTION. Do not accept NO. If you are denied, re-work your numbers and keep trying. RULE NO 2. Don't take it personally. It is simply a game of numbers. If the numbers works, you "win". If they are off by a dollar, "you will lose". We have had heard of several people receive denials because they were off by less than $5.00. THIS TELLS US that the banks truly DO NOT have your best interest in mind and will do anything they can do to ensure their own interests first and foremost above all else. BE SMART. Educate yourself before attempting to work with your lender. Education is power!
THE FOLLOWING LENDERS ARE CURRENTLY PARTICIPATING IN THE HAMP PROGRAM.
If you're lender is not on this list, they may still offer an "in house" program.
Name
Web Site
Phone
Service Address
Fax
Allstate Mortgage Loans & Investments, Inc.
http://www.allstateocala.com/
866-351-0200
P.O. 1201,
Crystal River, FL 34423
352-351-4557
American Eagle Federal Credit Union
www.americaneagle.org
800-842-0145
417 Main Street,
East Hartford, CT 06118
860-291-6374
American Home Mortgage Servicing, Inc.
www.ahmsi3.com
877-304-3100
Attn: HAMP Processing
1525 S. Belt Line Road Coppell,
TX 75019
866-452-1837
AMS Servicing, LLC
www.ams-servicing.com
866-919-5608
3374 Walden Avenue
Buffalo, NY 14043
716-204-3875
Aurora Loan Services LLC
https://www.myauroraloan.com/
800-550-0508
P.O. Box 1706
2617 College Park
Scottsbluff, NE 69363-1706
866-517-7975
Bank of America, N.A.
www.bankofamerica.com/mha/
800-669-0102
MHA Escalations Unit
P.O. Box 941408
Simi Valley, CA
93094-1408
866-261-6472
Bank United
http://www.bankunited.com/display.asp?navid=&id=117
866-615-0662
Attn: Modification Department
Mail Code: DO4-RESALT-560
7815 N.W. 148th Street
Miami, FL 33016
Bay Federal Credit Union
http://www.bayfed.com/lo/mortgage.html
888-422-9333
3333 Clares Street
Capitola, CA 95010
831-479-6027
Bay Gulf Credit Union
http://www.baygulf.com
800-275-4229
3202 W. Waters Ave, Tampa, FL 33614
CTampa, FL 33614
813-932-3470
Bayview Loan Servicing, LLC
www.bayviewloanservicing.com
800-457-5105
Attn: Specialized Asset Management
4425 Ponce De Leon Blvd.,
5TH Floor
Coral Gables, FL 33146
305-646-9943 or
877-360-9593
CCO Mortgage
www.ccomortgage.com
877-745-7366
10561 Telegraph Road
Glen Allen, VA 23059
888-777-1631
Carrington Mortgage Services, LLC
www.carringtonms.com
888-267-2417
Attention: Home Retention
P.O. Box 54285
Irvine, CA 92619-4285
877-267-1331
Central Florida Educators Federal Credit Union
www.mycfe.com
800-771-9411
P.O. Box 958471
Lake Mary, Florida 32795-9814
Attn: Real Estate - HAMP Team
407-893-5727
Central Jersey Federal Credit Union
www.cjfcu.org
732-634-0600
380 Berry St
Woodbridge NJ 07095
732-726-8709
Community Bank & Trust Company
www.combk.com
125 N. State Street, Clarks Summit, PA 18411
CitiMortgage, Inc.
www.mortgagehelp.citi.com
866-915-9417
Citi Ham Trial Agreements
NTSB 1680,
680 Colwell Blvd Irving, TX 75039
866-989-1356
Citizens 1st National Bank
https://www.citizens1st.com/
800-311-7531
128 E. Dakota Street, Spring Valley, IL
815-664-4115
Citizens First Wholesale Mortgage Co.
https://www.cfwmortgage.com/
800-477-1086
560 Fieldcrest Drive
The Villages, FL 32162
352-753-4482
Countrywide Home Loans Servicing LP
http://my.countrywide.com/media/hasp.html
800-669-6607
Bank of America Home Loans
MHA Escalations Unit
P.O. Box 941408
Simi Valley, CA 93094-1408
866-261-6472
CUC Mortgage Corporation
www.cucmortgage.com
800-342-4998
P.O. Box 12670
Albany, NY 12212
DuPage Credit Union
www.dupagecu.com
800-323-2611
Attn: Alternative Loan Solutions
P O Box 3930
Naperville, IL 60567
630-305-6030
EMC Mortgage Corporation
http://www.emcmortgagecorp.com
800-723-3004
Regular Mail
Chase/EMC Fulfillment Center
PO Box 293150
Lewisville, TX 75029
Overnight Mail
Chase/EMC Fulfillment Center
2780 Lake Vista Drive
Lewisville, TX 75067
917-849-2677
Farmers State Bank
https://farmersstate-oh.com
800-350-2844
11 S. Main St.,
P.O.Box 801,
West Salem, OH 44287
419-853-4730
Fidelity Homestead Savings Bank
http://www.fidelityhomestead.com
504-569-3490
201 St. Charles Ave, 20th Floor New Orleans, LA 70170
504-569-3537
First Bank
http://www.firstbanks.com
800-760-2265
1 First Missouri Center St. Louis, MO 63141
314-264-0220
First Federal Savings and Loan Assoc of Lakewood
http://http://www.ffl.net
800-966-7300
14806 Detroit Ave., Lakewood, OH 44107
216-221-4507
First Keystone Bank
http://www.firstkeystonebankonline.com
610-565-6210
22 West State Street
Media, PA 19063
610-892-5122
Franklin Credit Management Corporation
http://www.franklincredit.com/
800-255-5897
Attn: Loss Mitigation
101 Hudson Street 25th Floor
Jersey City, NJ 07302
201-839-4545
Glass City Federal Credit Union
www.glasscityfcu.com
800-837-3595
1340 Arrowhead Drive
Maumee, OH 43537
419-887-1099
Glenview State Bank
www.gsb.com
847-729-1900
800 Waukegan Road,
Glenview, IL 60025
847-832-0175
GMAC Mortgage LLC
www.gmacmortgage.com
800-766-4622
3451 Hammond Avenue
Waterloo, IA 50702
866-709-4744
Golden Plains Credit Union
www.gpcu.org
877-775-8175
1135 College Drive, Suite C, Garden City, KS 67846
620-276-8175
Great Lakes Credit Union
www.glcu.com
800-442-3488
Green Tree Servicing LLC
www.gtservicing.com
800-643-0202
7360 S Kyrene Road T214
Tempe, AZ 85283
877-265-9717
Harleysville National Bank & Trust Company
http://truebridge.harleysvillebank.com/hnb/home.php?b=24541143-0
888-462-2100
483 Main Street, P.O. Box 195
Harleysville, PA 19438
215-256-4903
Hartford Savings Bank
http://www.hartfordsavingsbank.com
800-844-3812
1400 Schauer Drive,
Hartford,WI 53027
262-673-0459
Hillsdale County National Bank
www.countynationalbank.com
517-439-6121
One South Howell Street
Hillsdale, MI 49242
517-437-3151
HomEq Servicing
www.homeq.com
877-867-7378
P.O. Box 160248
Sacramento, CA 95816-0248
866- 554-5325
Home Financing Center Inc.
www.homefinancingcenter.com
305-777-1171
806 S. Douglas Rd., Suite 580
Coral Gables, FL 33134
305-777-9819
HomeStar Bank and Financial Services
www.homestarbank.com
815-468-2265
3 Diversatech Dr.,
Manteno, IL 60950
815-468-2378
Home Loan Services, Inc.
www.viewmyloan.com
800-622-5035
Loan Services P.O. Box 1838
Pittsburgh, PA 15230-1838
412-499-3400
Horicon Bank
www.horiconbank.com
920-485-3080 ext.7310
326 E Lake Street, PO 126
Horicon, WI 53032
920-485-3059
Horizon Bank, NA
www.accesshorizon.com
888-873-2640
515 Franklin Square, Michigan City, IN 46360
219-874-9374
IBM Southeast Employees Federal Credit Union
www.ibmsecu.org
800-873-5100
Attn: Mortgage Modifications
PO Box 2850
Kennesaw GA 30156
678-797-6314
IC Federal Credit Union
http://www.iccreditunion.org
800-262-1001
Attn: Judy Kaddy
300 Bemis Road
Fitchburg, MA 01420
978-343-4949
Idaho Housing and Finance Association
www.ihfa.org
565 W. Myrtle Street Boise, ID 83702
208-331-4801
J.P. Morgan Chase Bank, NA
http://www.chase.com/myhomep
866-282-5682
Regular Mail:
PO Box 469030
Glendale, CO 80246
Overnight Mail
Attn: Chase Fulfillment Center
4500 Cherry Creek Drive South
Suite 410
Glendale, CO 80246
866-282-5682
Lake City Bank
www.lakecitybank.com
888-522-2265
ATTN: Candy Little
PO BOX 1387
Warsaw, IN 46581-1387
574-267-9128
Lake National Bank
www.lakenationalbank.com
440-205-8100
PO Box 1048
Mentor, Ohio
44061-1048
Litton Loan Servicing
www.littonloan.com
800-247-9727
4828 Loop Central Drive
Houston, TX 77081
713-793-4923
Los Alamos National Bank
www.lanb.com
800-684-5262
PO Box 60
Los Alamos NM 87544
505-663-4053
Marix Servicing, LLC
www.marixservicing.com
866-406-2749
1925 W. Pinnacle Peak Road
Phoeniz, AZ
623-249-2070
Members Mortgage Company, Inc
www.membersmortgage.com
800-316-9790
10 Cedar Street, Suite 11
Woburn, MA 01801
781-376-9452
Mission Federal Credit Union
www.missionfcu.org
800-500-6328 x2074
PO Box 919023
San Diego, CA 92121
Attn: Loss Mitigation
858-546-2058
Metropolitan National Bank
https://www.metbank.com/default.asp
866-796-3876
Attn: Mortgage Department
P.O. Box 8010
Little Rock, AR 72203
501-907-8709
MorEquity, Inc.
www.morequity.com
800-441-3805
1) PO Box 3788
Evansville IN 47736-9984
2) 601 NW Second Street,
Evansville IN 47708
812-475-7074
Mortgage Center, LLC
www.mortgagecuso.com
866-856-3750
20300 Civic Center Dr, # 403
Southfield, MI 48076
248-799-8556
Mortgage Clearing Corporation
www.mortgageclearing.com
800-727-9043
National City Bank
www.pncmortgage.com
800-523-8654
3232 Newmark Drive
Miamisburg, OH 45342
937-910-4009
National City Bank
www.pncmortgage.com
800-523-8654
3232 Newmark Drive
Miamisburg, OH 45342
937-910-4009
Nationstar Mortgage LLC
www.nationstarmtg.com
888-850-9398
Attn: HAMP
350 Highland Drive
Lewisville, TX 75067
214-488-1993
Oakland Municipal Credit Union
www.omcu.com
510-637-6600
250 Frank H. Ogawa Plaza Suite 6301
Oakland , CA 94612
510-238-5227
Ocwen Financial Corporation, Inc.
www.ocwencustomers.com
800-746-2936
Ocwen Loan Servicing LLC
PO Box 24737
West Palm Beach, FL 33416-4737
407-737-6174
OneWest Bank
www.owb.com/mymortgage
800-781-7399
Indymac - 1, 2900 Esperanza Crossing
Austin, TX 78758
866-235-2366
ORNL Federal Credit Union
www.ornlfcu.com/
800-676-5328
Attn: Mortgage Modification Dept
221 S. Rutgers Avenue Oak Ridge, TN 37830
865-481-5810
Park View Federal Savings Bank
www.parkviewfederal.com
440-914-3900
30000 Aurora Road, Solon, OH 44139
440-914-3656
PennyMac Loan Services, LLC
www.pnmac.com/index.php
866-545-9070
Attn: Karen Denton 27001 Aguora Road, Suite 350 Calabasas, CA 91301
Attn: Karen Denton
818-224-7510
PNC Bank, National Association
www.pncmortgage.com
800-523-8654
3232 Newmark Drive
Miamisburg, OH 45342
937-910-4009
Purdue Employees Federal Credit Union
www.purdueefcu.org
800-627-3328
P.O. Box 1950
West Layette IN 47996-1950
765-497-7477
Q lending, Inc.
www.qlending.com
517-439-6121
1 Corporate Drive,
Suite 360
Lake Zurich, IL 60047
847-574-7658
Quantum Servicing Corporation
www.quantum-servicing.com
813-371-02546302 E. MLK Blvd.,
Suite 300
Tampa, FL 33619
203-447-8001
RG Mortgage Corporation
www.rgmortgage.com/mortgage
888-264-4674
PO Box 362394
San Juan, PR. 00936-2394
787-756-2845
Residential Credit Solutions
www.residentialcredit.com
800-737-1192
4282 North Freeway
Fort Worth TX 76137
888-775-7250
RoundPoint Mortgage Servicing Corporation
www.rpmservicing.com/
877-426-8805
P.O. Box 19409
Charlotte, NC 28219-9409
888-364-5558
Saxon Mortgage Services
www.saxononline.com
800-594-8422
Saxon Attention: Home Preservation HMP Documentation Department 4708 Mercantile Drive North Fort Worth, TX 76137
888-240-1885
Schools Financial Credit Union
www.schools.org
800-962-0990
C/O Real Estate Department 1485 Response Rd Suite 126 Sacramento CA, 95815
916-569-2047
SEFCU
www.sefcu.com
866-733-2880
700 Patroon Creek Blvd
Albany, NY 12206
518-464-5213
Select Portfolio Servicing
www.spservicing.com
888-818-6032
PO BOX:65250
Salt Lake City, UT 84165-0250
3815 S. West Temple
Salt Lake City, UT 84107
801-293-3936
Servis One Inc.,dba BSI Financial Services, Inc
www.bsifinancial.com
866-209-4178
Attn: HAMP Department
P.O. Box 517, 314 S. Franklin Street,
Titusville, PA 16354
814-217-1366
ShoreBank
www.sbk.com
800-905-7725
Attn: Mortgage Dept
3401 South King Drive,
Chicago, IL 60466
773-420-4501
Silver State Schools Credit Union
www.silverstatecu.com
800-357-9654
Attn: Kenisha Davis
4221 S. McLeod Drive,
Las Vegas, NV 89121
702-697-8095
Sound Community Bank
www.soundcb.com
800-458-5585
2005 5th Ave., Seattle, WA 98121
866-216-3405
Spirit of Alaska Federal Credit Union
www.spiritofak.com
907-459-5974
Mortgage Dept
1417 Gillam Way
Fairbanks, AK 99701
907-459-5980
Stanford Federal Credit Union
www.sfcu.org
888-723-7328
Attn: Tram Le
1860 Embarcadero Road
Palo Alto, CA 94303
866-743-3151
Sterling Savings Bank
www.sterlingsavingsbank.com
800-772-7791
Attn: Tram Le
111 N. Wall,
Spokane, WA 99201
509-624-8038
Technology Credit Union
www.techcu.com
800-553-0880
2010 N First Street
San Jose, CA 95131
Attn: LAD
408-453-8742
The Bryn Mawr Trust Company
www.bmtc.com
610-687-4268
801 Lancaster Ave.,
Bryn Mawr, PA 19010
610-526-5450
The Golden 1 Credit Union
www.techcu.com
800-553-0880
8945 Cal Center Drive
Sacramento, CA 95826
408-453-8742
United Bank Mortgage Corporation
www.unitedbankofmichigan.com
800-968-1990
900 East Paris SE, Grand Rapids MI 49546
616-559-4631
U.S. Bank National Association
www.usbank.com
866-932-0462
P.O. BOX 20005
OWENSBORO, KY 42304-0005
866-847-9464
Vantium Capital, Inc.
http://www.acqura.net
866-660-5804
6500 International Parkway Suite 1500
Plano, Tx 75093
972-444-3356
Verity Credit Union
http://www.veritycu.com
800-444-4589
11027 Meridian Ave. N#102,
Seattle, WA 98133
206-361-5300
Wachovia Mortgage, FSB
www.wachovia.com
800-922-4684
1000 Blue Gentian Road Suite 300 Eagan MN 55121
866-359-7363
Wachovia Bank, NA
www.wachovia.com
800-922-4684
1000 Blue Gentian Road Suite 300 Eagan MN 55121
866-359-7363
Wells Fargo Bank, NA
www.wellsfargo.com/homeassist
800-678-7986
1000 Blue Gentian Road Suite 300 X9999-01N Eagan MN 55121
866-359-7363
Wescom Central Credit Union
www.wescom.org
888-493-7266
5601 E. La Palma Avenue Anaheim, CA 92807
626-535-1357
Wilshire Credit Corporation
https://www.wcc.ml.com
888-502-0100
PO Box 8517
Portland, Oregon 97207-8517
888-917-1050
Yadkin Valley Bank
www.yadkinvalleybank.com
336-258-6252
PO Box 96
Pfafftown, NC 27040
336-922-9896
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