HAMP’s Bad Ratings 2

HAMP – it’s still on some people’s minds. Not mine all that much but if people are talking about it I want to make sure to set the record straight.

Basically, it’s become clear that lenders have very little interest in adhering to the program. They stand to gain much more by scamming the system and abusing the powers that they have. So when the Treasury comes out with statistics on how servicers are doing in the program it’s a bit of a joke. But the joke is actually on them.

Not one servicer was shown to be doing well. Not even one.

The best rating that anyone got was “needs minor improvement.” And that was OneWest Bank and Select Portfolio Servicing, not exactly the biggest hitters in the industry. All of the big ones were listed as needing moderate improvement meaning they’re lacking in

– contacting homeowners

– assisting homeowners

– and managing homeowners

It’s not really that surprising. But I’m sure they’re all doing well when it comes to contacting their underwriters, assisting themselves in taking advantage of the system, and managing to turn a profit at others’ expense.

I don’t think I need to fake sounding bitter – it’s really hurtful to see how many people are pulled into HAMP without realizing what the real goals of the program are.

But anyway, try and keep your heads (and homes) above water, explore your short sale options first, and reach out to those who can really help you.

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2 thoughts on “HAMP’s Bad Ratings

  • Debbie_horne2000

    Absoloutely, I am an agent who works with renters, and I hate to think how many are renting because they went into the HAMP program trying to modify their loans, and after they had been paying on time for 4 to 6 months, were told they didn’t qualify, they owed all the money they had been paying, plus late fees, interest, attorney’s fees, etc., you get my drift. It seems like it has been just one big scam on unsuspecting homeowners who just wanted some help.
    The Banksters who did this should be taken out back…

  • Homeboy981

    It has been a way for lenders for force you out. If you have EQUITY in your home OR you are planning to keep it….don’t even think about HAMPing it – unless you want to be CAMPing somewhere else. Stupid banks! Now I hear they are offering large sums to do Short Sales! The lenders were killing short sales left and right and now they are stating they will PAY the homeowners for a short sale….sounds like another HAMP scam to me! These banks have not changed their spots – they are still wolves in sheep’s wool. Watch out!