Are You Looking For Mortgage Debt Relief Under HAMP With Bank Of America?
If you’re one of the happy home owners who owe Bank of America for your mortgage debt, you may not be seeing any mortgage relief any time soon.
According to the Huffington Post article Bank Of America Executive Acknowledges Poor Service In Mortgage Mod Program by Arthur Delaney, “Bank of America has put 11 percent of HAMP-eligible borrowers delinquent for 60 days or longer into “permanent” five-year modifications — the lowest rate of the four biggest banks participating in the program.”
How Are The Other Big Banks Doing With HAMP?
In the same article, Arthur Delaney states “JPMorgan Chase has granted permanent mods to 16 percent of eligible 60-day delinquent borrowers. Citibank: 18 percent. Wells Fargo: 20 percent.” This is an abismal rate considering the number of foreclosures and people on the verg of facing foreclosure. What it says is that most people who attempt to get mortgage debt relief from their banks aren’t getting it.
Why Isn’t The HAMP More Effective?
Although the federal government has set up the Home Affordable Modification Program (HAMP) to provide mortgage debt relief, the goal is not to reset mortgage debt. “HAMP’s goal is to mitigate the foreclosure crisis by reducing eligible borrowers’ monthly payments to 31 percent of their monthly income, usually through cutting the interest rate and extending the term of the loan, and only in rare cases by reducing principal.”
Some Home Owners Will Get A Mortgage Reset
“Bank of America announced Wednesday it would forbear and ultimately forgive principal for deeply underwater borrowers whose home values have plunged below the amount they owe the bank.” But although Bank of America is attempting to help, they are the worst bank to get help from. You may be one of the lucky ones that BofA decides to help. But you can’t count on the bank to reset mortgage debt.
For Most People HAMP Will Increase Mortgage Debt
To get the required 31% of monthly income, the HAMP, voluntarily administered by the banks, will reduce interest rates and tack on the difference between the lower monthly mortgage payments and the regular mortgage payments to the end of the mortgage loan. What that means in most cases is that you end up with increased mortgage debt over a longer period of time.
Where Do You Go To Reset Mortgage Debt?
Our Mortgage Debt Reset Program does not increase mortgage debt in order to give you mortgage debt relief and lower monthly mortgage payments. Instead it reduces your mortgage debt to the amount of the current value of your home right now. It’s like getting back to 100% financing instead of underwater mortgage financing.
To get the specific information about our Mortgage Debt Reset Program and what you need to qualify, go to Find Out More About Our Mortgage Debt Reset Program and sign up to receive our free no obligation information package.