Our Trumbull Area Blog, Updated 2-2-10
Paperwork eased in Loan-Modification Program
Last year the U.S. Treasury announced the Home Affordable Modification Program (HAMP) aimed at homeowners seeking lower home-mortgage payments. The purpose of the program was to avert foreclosures.
To-date the program has not been very successful. Relatively few who have applied for mortgage relief under HAMP have received full approval.
One of the problems with the program has been the extensive paperwork and documents required. To ease this problem, the Treasury has just outlined new guidelines for those seeking relief. Unfortunately they do not take effect until June 1, 2010 - why not immediately when the problem they are trying to solve is so enormous? However the Treasury is urging mortgage servicers to institute the guidelines voluntarily prior to the 1st of June.
Under the new guidelines, an applicant for mortgage relief will have to:
- Fill out a standardized loan modification application form - http://makinghomeaffordable.gov/docs/RMA%20Interactive%20-%20Updated%2011.10.09.pdf
- Authorization for the mortgage servicer to seek tax information from the IRS - http://makinghomeaffordable.gov/docs/4506-EZ%20Form.pdf
- Evidence of income, such as two recent pay stubs.
Hopefully the above, when fully implemented, will help more of those who need the help.
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50 Birchbank Road
Shelton
$289,900
Ranch
0.16 acres
1,725 square feet
2 bedrooms
1 ½ baths
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Have a great day!
Bob and Judy