St Louis Refinancing and Home Loan Mortgage: 1 In 4 Get Loan Modification
St Louis Mortgage and Real Estate News –
St Louis Mortgage Refinancing and Mortgage Lending News: Only 1 In 4 Get Mortgage Relief
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate
As HAMP slowly moves ahead, only one in four of the 2.7 million homeowners who sought to participate in the Obama administration's signature mortgage assistance program have succeeded in getting their monthly payments reduced.
The rest failed to qualify for the program or were disqualified after they were initially accepted into the program, according to an analysis by the Wall Street Journal of data on applicants to the program newly released by the Treasury Department.
In all, about 680,000 homeowners who applied for the Home Affordable Modification Program, or HAMP, had received permanent modifications of their loans and were making timely payments or were still in the trial phase as of December 2010 according to St Louis home loan experts.
Almost 6.7 million U.S. homes were lost to foreclosure, short sales or turned back to lenders between
2000 and 2010, according to Moody's Analytics.
Another 3.6 million could meet the same fate through 2013.
The White House launched the HAMP program in 2009 as a broad attempt to reverse the rising number of home foreclosures by reducing families' mortgage payments, typically by lowering the interest rate and extending the term of a loan.
But the administration's strict eligibility criteria resulted in far lower participation than expected.
Almost half of the applicants to the program, or about 1.3 million homeowners, were declared ineligible from the very start.
Applicants were most often rejected because they didn't submit the necessary paperwork, or it was lost by their mortgage company.
Nearly 266,000 applicants were denied for this reason.
Another 255,000 were ineligible because they were considered to have affordable mortgages, defined as less than 31 percent of pretax income.
Borrowers also were turned down because they had loans for more than $730,000 or were not considered in danger of defaulting soon.
Another 770,000 homeowners started the program but were later disqualified, most for the same paperwork and eligibility problems as the applicants turned away at the outset.
Only a small number were rejected for failing to make trial payments. Homeowners in southern states had the hardest time getting into the program and staying there.
In the four-state region of Arkansas, Louisiana, Oklahoma and Texas, about 83 percent of applying homeowners failed to complete the loan-modification process.
That proportion was 80 percent in the four-state region of Alabama, Kentucky, Mississippi and Tennessee.
Homeowners had the least trouble getting into the program in New England, where the rejection rate was 72 percent, and in western states, including Alaska, California, Hawaii, Oregon and Washington.
The program has faced sharp criticism. Neil Barofsky, the departing special inspector general overseeing the program, has faulted the administration for launching it with inadequate analysis and only partially developed guidelines.
This led to delays and confusion, and the program "continues to fall short of any meaningful standard of success," he said a report released in January.
House Republicans have called the program a waste of money and are considering a bill this week to end the program.
"In an era of record-breaking deficits, it's time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," Representative Spencer Bachus (Republican, Alaska) said last week.
Contribution by the Wall Street Journal
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Articles and News Sponsored by Liberty Lending Consultants
When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.
Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available.Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.
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