In addition to Real Estate, I also work for a loss mitigation company assisting homeowners in getting all the documentation in for loan modification.
I was meeting with some homeowners tonight, and what I found out estounded me.. When you enter the HAMP program, you are giving a "trial period" for making payment, while your modification is being processed. These homeowners had never been late on a payment, but the husband, who was self employed, had seen a sharp decrease in his earnings..and they wanted to head any problems off at the pass.
During their trial period,, they have not missed one payment, HOWEVER....the payments received during the trial period ARE NOT BEING APPLIED TO THEIR MORTGAGE...they are being held in escrow..in the mean time... THEIR MORTGAGE IS NOT BEING PAID AND IS REPORTED IN ARREARS.....consequently.... they are 6 months behind and their once stellar credit is gone!!!!!
Not sure of the logic of this...why destroy someones credit who is trying to keep their head above water..... If you have clients who are working on a modification..... they need to read the fine print
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