OK I've done some reading on the Hamp program and even called the number to find out if we qualified for it. According to the person I spoke with, we do.
Currently, our home has been listed for the last 5 months as a short-sale. We had two offers, which of course, the lender did not respond to... and the offers were pulled.
Long story short, our Realtor has been in constant contact with the lender re this short-sale and in fact, just told our Realtor that an appraiser from their office went out several days ago and appraised the home for $95,000 less then what we paid for it one year ago.
Today in the mail we receive a notice from a Lawyer on behalf of the lender, stating that we are in default.
I have two questions: Why would a lender be proceeding with foreclosure when they know that the house is going to be a short-sale? and Since receiving this "default notice" are we no longer eligible for the HAMP program (I could not find any info on this on their site).??
Thank you for all the great advice....
Full Version: 1 year - $100,000 loss on home! per lender appraisal
QUOTE (Judes @ Oct 15 2009, 07:45 PM) 
OK I've done some reading on the Hamp program and even called the number to find out if we qualified for it. According to the person I spoke with, we do.
Currently, our home has been listed for the last 5 months as a short-sale. We had two offers, which of course, the lender did not respond to... and the offers were pulled.
Long story short, our Realtor has been in constant contact with the lender re this short-sale and in fact, just told our Realtor that an appraiser from their office went out several days ago and appraised the home for $95,000 less then what we paid for it one year ago.
Today in the mail we receive a notice from a Lawyer on behalf of the lender, stating that we are in default.
I have two questions: Why would a lender be proceeding with foreclosure when they know that the house is going to be a short-sale? and Since receiving this "default notice" are we no longer eligible for the HAMP program (I could not find any info on this on their site).??
Thank you for all the great advice....
Currently, our home has been listed for the last 5 months as a short-sale. We had two offers, which of course, the lender did not respond to... and the offers were pulled.
Long story short, our Realtor has been in constant contact with the lender re this short-sale and in fact, just told our Realtor that an appraiser from their office went out several days ago and appraised the home for $95,000 less then what we paid for it one year ago.
Today in the mail we receive a notice from a Lawyer on behalf of the lender, stating that we are in default.
I have two questions: Why would a lender be proceeding with foreclosure when they know that the house is going to be a short-sale? and Since receiving this "default notice" are we no longer eligible for the HAMP program (I could not find any info on this on their site).??
Thank you for all the great advice....
1. Who did you call? Was it the phone number listed on the top of the MHAP website?
2. There's a difference between your lender/investor and your servicing company. The lender/investor is the party that actually owns the note on your home. The servicer is the party that you send your payment to each month.
Not all investors are participating in the HAMP program. You'll need to find out who holds the note on your home. Have you tried using the tools on the MHAP website to see if either Fannie Mae or Freddie Mac holds your note?
A lot of what is going on with foreclosures has more to do with the Servicers than the investors. The Servicers make more money if a loan is in default than if it is current. They could really care less about modifying your loan as it's really of no financial benefit for them (other than the HAMP government incentives). In short, there's a lot of financial manipulation occurring.
Even though you are in default you are definitely still eligible for the HAMP program.
I would start by contacting a certified HUD housing counselor ASAP.
Thank you for the info....
Not sure if it's appropriate here to reveal lender but here goes. Our loan is a FHA loan through Lend America. They still have our loan. I will have to check to see if they participate in this program. If they don't, am I out of luck? thnx
Not sure if it's appropriate here to reveal lender but here goes. Our loan is a FHA loan through Lend America. They still have our loan. I will have to check to see if they participate in this program. If they don't, am I out of luck? thnx
Here's a couple of links to the FHA HAMP information:
http://www.makinghomeaffordable.gov/pr_07302009.html
This is a good one: http://www.hud.gov/foreclosure/workingwithlenders.cfm
Here's another really good one: http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm
National Servicing Center
http://www.makinghomeaffordable.gov/pr_07302009.html
This is a good one: http://www.hud.gov/foreclosure/workingwithlenders.cfm
QUOTE
For an FHA-insured loan
Your lender has to follow FHA servicing guidelines and regulations for FHA-insured loans. If your lender is not cooperative, contact FHA's National Servicing Center toll free at (888) 297-8685, or via email. Whether by phone or email, be prepared to provide the full name(s) of all persons listed on the mortgage loan and the full address of the property including city, state and zip. We may be able to help you more quickly if you can also provide your 13-digit FHA case number from the loan settlement statement.
Your lender has to follow FHA servicing guidelines and regulations for FHA-insured loans. If your lender is not cooperative, contact FHA's National Servicing Center toll free at (888) 297-8685, or via email. Whether by phone or email, be prepared to provide the full name(s) of all persons listed on the mortgage loan and the full address of the property including city, state and zip. We may be able to help you more quickly if you can also provide your 13-digit FHA case number from the loan settlement statement.
Here's another really good one: http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm
National Servicing Center
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.