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Bank of America Signs on for HAMP Second Lien Program

I was pleasantly surprised last Friday when I was reviewing the Making Home Affordable website for our Certified Short Sale Professional designation training.  I noticed that Bank of America and Countrywide are now on the list of servicers who have have formalized their commitment to the program through a signed contract.  

Recommended steps for homeowner to see if HAMP is a viable alternative to foreclosure:

  1. Complete the quick online form on the eligibility page of Making Home Affordable
  2. Determine if your lender is participating in HAMP by either looking them up on this page: AND calling your lender to verify and discuss your options.
  3. HAMP has a Request a Modification process -  Recommend contacting your Mortgage Servicer first.

More news today regarding the Second Lien Modification Program.  Bank of America is first servicer to sign up for the HAMP Second Lien Mod Program.... read more:

BofA Signs on as First Servicer of HAMP's Second Lien Program

Home Affordable Modification Program Admin Site explains:

The Second Lien Modification Program is a complementary program to the Home Affordable Modification Program designed for first lien mortgages. This Program is expected to reach approximately 1 - 1.5 million responsible homeowners who are struggling to afford their mortgage payments. The Second Lien Modification Program coordinates with HAMP's first mortgage modification program to lower payments on second mortgages and offer comprehensive affordability solutions for homeowners.

The guidelines of the Second Lien Modification Program are detailed further in: Download Sd0905Second LienMP

Making Home Affordable Program Deadline Extended to October 3, 2010
Treasury Secretary Timothy Geithner recently informed Congress that the Obama Administration is extending the Troubled Asset Relief Program (TARP) until October 3, 2010. As a result, the deadline for servicers to register to participate in the Making Home Affordable Program is extended from December 31, 2009, to October 3, 2010.

Related posts:

Our CSP designaton course covers all the latest information you need to know about short sales and other alternatives to foreclosure.  Check out the current Training Schedule for dates, times and locations.

If you are a homeowner considering your alternatives to foreclosure and would like more information, I recommend visiting the Residential Short Sale blog.


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