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Obama Administration Comes Up with Homeowner Affordability and Stability Plan (HAMP)

There is a lot happening on the bailout front in the US, but it seems that a large section of homeowners may actually have to resort to Loan Modification services as the Homeowner Affordability and Stability Plan proposed by the Obama administration may be insufficient and inapplicable to them. Though it’s still an estimate, about 85% of mortgage holders are still going to be left unattended by this stimulus plan.

There are Limits to the Benefits

Only 15% of the people laboring who have taken Fannie and Freddie loans are going to qualify for the government stimulus. Other restrictions that will limit the number of the beneficiaries include loan limits, equity limits as well as residency requirements. As the inadequacies of the plan become apparent, the need for alternatives becomes strikingly clear and that’s precisely where Service Loan Modification comes in.

There is a way out. Service Loan Modification is making sure that it reaches those customers who are struggling and still trying to find a way out bravely. They can start with a Loan Modification Consultation so as to review all the options open before them so that they know how their mortgage payments can become easier for them.

Easy Access to Required Services

Service Loan Modification understands the need of easy access to Loss Mitigation Department of lenders and servicers apart from the efficient Loan Modification Services provided by the company itself. Many of the problems faced by the homeowners have their origin in the processes followed by the lenders. Our loss mitigation agents review the loan documents and suggest modification options for the distressed homeowners.

The Probable Solutions

Since the administration’s stimulus plan applies only to select few, the efforts of Service Loan Modification aim to serve a much broader spectrum of the homeowners. The probable solution here may include extended term to repay the loan, reduction in the interest rate and at times even the principle reduction.

There have been many such plans in the past which include FHASecure and HopeNow that have failed, either because of lenders’ non participation, or because the needy persons simply weren’t allowed to use the programs. Service Loan Modification is determined to ensure that similar fate doesn’t await the distressed homeowners this time around.