Posts Tagged ‘making home affordable’

HAMP Still Not Making The Grade: Geithner Refuses To Consider Alternatives

By almost every measure, the HAMP program continues to underperform in its effort to address the problem of mortgage foreclosures. Since its inception a year and half ago, only 340,000 homeowners have received permanent modifications and 436,000 have been dropped from the program. Last month alone, 155,000 homeowners were kicked out of trial modifications as opposed to only 30,000 who received new trial modifications. Accordingly, it appears the HAMP program is helping fewer and fewer homeowners as time goes on.

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Are You NPV Positive? Know If You Qualify For HAMP Before Applying

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Imagine if you could know whether or not your HAMP loan modification application will get approved into a permanent modification before you even went though the process to apply.  Not only would you save yourself the hassle of filling out the paperwork and sending in your documentation, you’ll save money by avoiding paying trial modification payments only to be told that you don’t qualify in the end.

The banks use what is called the NPV formula to evaluate the value of the cash flows generated by your loan in a foreclosure situation as opposed to a modification situation. If the cash flow generated from modification is greater, then you are NPV positive and your modification will be approved. If the value of a foreclosure is greater, then you will be denied.

The exact formula that lenders use is a secret. Only the servicers and the Treasury have access to it, and, well, the people who helped create it. Those folks have made it available to certain persons and entities and now, for a fee, you can get your own NPV evaluation and know whether or not you pass the NPV test.

To find out how to get your own NPV analysis, send an email to npvreportinfo@handlingdebt.org

I hate spam just as much as you do and I will never sell your email address to anyone else, nor will I use your email address to market anything else to you. The only other person who will see your email is the person who will do your NPV analysis. That’s it.

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