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.