HAMP Trial Program Disappoints

A recent article in DS News reports that the government’s HAMP foreclosure prevention initiative stated that 616,839 HAMP trials were cancelled out of the 1,307,489 trials that were started when the program began.

This is definitely disappointing news considering the big push over the last year to keep homeowners in their homes in lieu of the foreclosure process. The article goes on to discuss some of the reasons for the cancellation of the trial programs and the different numbers in each group of reasons. The article can take you to the report that goes into great depth on the details of the program and what it has accomplished thus far. Some of the main reasons for falling out of a HAMP trial modification program can include insufficient documentation, trial plan payment default and borrowers who are ineligible as their income to debt ratio is well above the 31% guideline.


While there is no doubt that this is disappointing news, however the flip side of this is that short sales are becoming easier to process with the lenders. They are taking less time to review the offers, less time to obtain investor approval of the offers and in turn less time to approve the short sale offers.

Do not forget about my Foreclosure Prevention Seminar being held on August 31, 2010 at the Maplewood Community Center at 7:00pm. This is a great opportunity for one to come and learn about the different options available to homeowners that are currently struggling with their payments and want to plan ahead.

Homeowner Foreclosure Prevention Seminar

Click below for details on my upcoming seminar.

August 31, 2010

Maplewood Community Center

2100 White Bear Ave

7:00 - 8:00 pm

Please RSVP Liz Novotny @ 651-203-1769 or liznovotny.com

Can't wait to see you there!

Online Help for Homeowners - Fannie Mae's New Website

Have you ever started on a web search, trying to find information on a particular subject, only to find that you have to read through multiple sites just to get one answer?  Ask.com has certainly helped in this arena, but it doesn't quite solve the problem that Fannie Mae's website has figured out for homeowners that are struggling with their mortgage. 
This new website goes into great detail about the different options available to a mortgagor based on your current financial situation.  There is a woman that comes on to the page and immediately starts talking about the site, how to move through the different tabs, and some simple tips on what to do first.  The site also has links to general forms a mortgage servicer may require when submitting information for a loan modification, pursuing a short sale, etc.  After spending some time walking through all the different scenarios and I found the site easy to understand and navigate through along with a list of numbers to call if you want to speak to a live person about your situation and even a glossary explaining all the key terms used while working with your mortgage company on a solution.
I am very pleased to see a website that is clear and concise with its information and lists ALL options available to homeowners who are struggling with their payments. If you would like to speak with someone about your situation in particular, please give me a call or send me an email and I'd be happy to visit with you to find the best solution or help navigating the website.