Treasury Buys More Time for HAMP Modifications… I’m Not Surprised

I was not the least bit surprised to see that the Treasury Department yesterday, notified lenders and servicers that participate in the President’s HAMP loan modification program, that the homeowners with trial modifications that are set to expire on or before January 31, 2010, cannot be cancelled before that date, except for property eligibility reasons.  So, in other words, unless you applied for a loan modification related to an apartment building or something like that, you can’t be cancelled before the end of January.

Here’s what it says on the HAMP admin site:

Supplemental Directive 09-10 establishes a temporary review period for all active HAMP trial modifications scheduled to expire on or before January 31, 2010, during which servicers must confirm the status of borrowers and, if necessary, notify borrowers of any payment or documentation deficiencies that could jeopardize the borrower’s eligibility for a permanent HAMP modification.

In addition, servicers may not cancel an active HAMP trial modification during this period for any reason other than failure to meet the HAMP property eligibility requirements.

Here’s a link to the Treasury’s directive:

https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0910.pdf

In addition, Bloomberg ran a story under the headline: Homeowners Get More Time for Mortgage Modifications

Mortgage servicers must give U.S. homeowners more time before kicking them out of the government’s loan-modification program, reflecting further struggles in the execution of the plan.

Servicers can’t cancel an active Home Affordable trial modification scheduled to expire before Jan. 31 for any reason other than property eligibility requirements, according to a posting today on a government Web site. They must write to borrowers to inform them about missed payments or needed documents, and give them at least 30 more days to submit them.

“The Treasury Department believes that this further guidance and associated requirements will provide more certainty and transparency regarding the final determination of eligibility for borrowers in trial modifications,” Meg Reilly a department spokeswoman, said in an e-mailed statement.

Well Meggy, you disingenuous toady… I have no more patience for you or your “department”.  Who wrote that sentence?  Do you even sense how completely out of touch you are with the rest of the country?  Any idea?  I have but one word for you, Meg… elections, Meg… the word is elections… midterms are okay, but the good old presidential kind are going to be great.

There’s more in the Bloomberg story, but the whole thing just gives me a headache at this point, so you can find it here: Homeowners Get More Time for Mortgage Modifications

Oh, I see… is that who got more time?  The homeowners got more time?  The homeowners.  They got more time.  They needed MORE time?  The homeowners that actually have trial modifications have all been jerked around by their lender or servicer for at least 10 months just to find themselves in the world’s longest line of government Barackracy… THEY needed more time?

I don’t know… I’m guessing THEY’RE ready to go.  It’s you pricks at Treasury and at the lenders and servicers that needed more time… don’t you think everyone realizes that?  It’s Christmas Eve… go to hell.