Principal Loan Reduction and St Louis Loan: HAMP Trials Is A Growing Failure

Commercial Lending and Commercial Lenders 877-334-0210

St Louis Mortgage and Real Estate News –

St Louis Finance and Loan Audit News: Backlog Of Failed HAMP Trials Grows An Amazing 22 Percent
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Advocate

The largest servicers participating in the Home Affordable Modification Program (HAMP) have not taken action on 266,136 delinquent mortgages that have either been canceled out of loan modification programs trials or never qualified for one as of October 2010.

This backlog has increased 22 percent since the 218,246 reported in July 2010 and no doubt higher today.

The program's performance, considered

tepidly poor to most, has been hampered by a backlog of trials formed during the early months of the program when servicers would hurry borrowers into a trial and gather documentation later.

As of November, roughly 50,000 borrowers have been in a trial for more than six months, but servicers have worked that number down from 69,000 in October, and new guidelines were put in place to gather all documentation before the trial stage.

But as of October, servicers reported more than 1.49 million canceled trials or loans that never qualified for one, according to the latest Treasury data.

Trials are canceled either because the bank never received the documents, the borrower redefaulted or was deemed ineligible for the program.

More than one-third of these loans are put through an alternative loan modification program.

In fact, nearly a half of the 562,222 canceled trials received a loan modification through the lenders' own programs.

Others go through short sale, deed-in-lieu, an informal payment plan, or foreclosure.

Servicers started foreclosures on 208,998, or 13.2 percent, of these canceled trials and rejected applications.

But every month since July 2010, servicers have added to the backlog of these loans that are still pending action.

Bank of America still has not taken action on 73,185, the most of any servicer.

JPMorgan Chase follows with 60,612, and CitiMortgage, the servicing arm of Citigroup, holds 60,531.

Tim Massad, acting assistant secretary for financial stability at the Treasury, said in a briefing with reporters earlier in December 2010 that servicers simply weren't prepared for the scope of the foreclosure crisis, allowing for backlogs to form in understaffed operations.

"It's been clear all along that the servicers were not equipped to handle this problem," Massad said.

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