Major Changes in HAMP Loan Modifications

On July 13, 2010, in Mortgage, by Matthew Forbes

Pursuant to the Treasury Department’s Supplemental Directive 10-01, issued January 28, 2010, mortgage servicers are required to fully verify borrower eligibility prior to offering a trial period plan under the Home Affordable Modification Program (“HAMP”), began on June 1, 2010. If actually followed, this will significantly change the time and protocol for determining permanent HAMP eligibility.

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