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Wednesday, September 22, 2010

No mortgage mods for many of the jobless

I'm shocked that you could get a loan modification with on just jobless benefits.  However, there are some many programs that I've simply lost track.

Because the jobless benefits can't be considered permanent income, the lender will instead evaluate troubled borrowers for forbearance plans of up to six months. The new guidelines, released Tuesday, will take effect Nov. 1.
Now, the loan modification is increasing in the private sector,
Non-HAMP bank modifications are growing in importance as the government initiative loses steam. Nearly 449,000 people have received permanent modifications under HAMP through August, up from nearly 422,000 a month earlier, according to federal data released Wednesday
FYI, HAMP is the governments program for loan modifications. This will probably have a impact on the shadow inventory.

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