http://dc-bankruptcy.com/93/credit-scores-are-damaged-by-submission-of-hamp-application/ Thu, 29 Jul 2010 20:41:43 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://dc-bankruptcy.com/93/credit-scores-are-damaged-by-submission-of-hamp-application/comment-page-1/#comment-11 Mark Tanney Thu, 15 Apr 2010 16:03:48 +0000 http://dc-bankruptcy.com/?p=93#comment-11 Good point Deborah. I agree that there are few alternatives available when a person is struggling to meet mortgage payments. Perhaps more meaningful solutions will be coming along because foreclosures continue to rise. Good point Deborah. I agree that there are few alternatives available when a person is struggling to meet mortgage payments. Perhaps more meaningful solutions will be coming along because foreclosures continue to rise.

]]> http://dc-bankruptcy.com/93/credit-scores-are-damaged-by-submission-of-hamp-application/comment-page-1/#comment-9 Deborah Mullins Thu, 15 Apr 2010 02:12:36 +0000 http://dc-bankruptcy.com/?p=93#comment-9 I certainly agree that consumers should be advised that their credit score will be affected by applying for the modification. However, in cases of hardship, applying for a loan modification is the only way to get relief and keep the home. What are the other alternative? short sale? deed-in-lieu? a worse hit on the credit score. This is a real test as to whether it's a real hardship or a case of someone wanting a lower rate. I certainly agree that consumers should be advised that their credit score will be affected by applying for the modification. However, in cases of hardship, applying for a loan modification is the only way to get relief and keep the home. What are the other alternative? short sale? deed-in-lieu? a worse hit on the credit score. This is a real test as to whether it’s a real hardship or a case of someone wanting a lower rate.

]]> http://dc-bankruptcy.com/93/credit-scores-are-damaged-by-submission-of-hamp-application/comment-page-1/#comment-3 Mark Tanney Sun, 21 Mar 2010 15:58:06 +0000 http://dc-bankruptcy.com/?p=93#comment-3 Thanks for your thoughts on that Jennifer. I really don't know why banks don't approve more of these HAMP applications. As I understand it, the banks would come out ahead by modifying the loan as opposed to just going through with the foreclosure. So the way HAMP is being administered is against the self interest of the bank. It may just be a matter of overwhelmed and undertrained staff at the banks who are unable to deal with it all. Thanks for your thoughts on that Jennifer. I really don’t know why banks don’t approve more of these HAMP applications. As I understand it, the banks would come out ahead by modifying the loan as opposed to just going through with the foreclosure. So the way HAMP is being administered is against the self interest of the bank. It may just be a matter of overwhelmed and undertrained staff at the banks who are unable to deal with it all.

]]> http://dc-bankruptcy.com/93/credit-scores-are-damaged-by-submission-of-hamp-application/comment-page-1/#comment-2 Jennifer Weil Sat, 20 Mar 2010 21:25:41 +0000 http://dc-bankruptcy.com/?p=93#comment-2 Interesting about HAMP applications lowering the credit score. Seems to be not much good happening with HAMP, except that in some states it seems to be the only thing slowing down foreclosure a little bit. But why is it that no one ever seems to qualify for HAMP? Is it because the lenders don't want them to and there are too many "outs" for the lender in the HAMP law, plus they get paid by the gov't for processing HAMP applications anyway? Looks to me like yet another corporate welfare program. Sorry to sound cynical, but that's how I feel about the whole subprime loan scandal and the utter lack of remediation efforts. Interesting about HAMP applications lowering the credit score. Seems to be not much good happening with HAMP, except that in some states it seems to be the only thing slowing down foreclosure a little bit. But why is it that no one ever seems to qualify for HAMP? Is it because the lenders don’t want them to and there are too many “outs” for the lender in the HAMP law, plus they get paid by the gov’t for processing HAMP applications anyway? Looks to me like yet another corporate welfare program. Sorry to sound cynical, but that’s how I feel about the whole subprime loan scandal and the utter lack of remediation efforts.

]]>