Why are 2MP Loan Modifications Taking So Long?

by DANNYE A.
(DALY CITY, CA.)

WHY ARE 2 MP PROGRAMS FOR WELLS FARGO TAKING SO LONG? TARP BAILED THE BIG BANKS OUT ASAP. HOW ABOUT HELP FOR THE STRUGGLING HOMEOWNERS.

Mortgage Loan Modification Answer:

I can only imagine that part of the reason for 2MP modifications taking so long is that it's a relatively new program that compels banks to do even more to help distressed homeowners -- not exactly what they really want to do. So they drag their feet and pretend that they are trying really hard.

Once 2MP loan modification gets traction and policymakers and homeowners start demanding results from banks and start exposing individual bank results (or lack of it) for this program, then you'll see a little better adoption of it.

It's not what a lot of homeowners want to hear, but unfortunately, it is reality.

All the best to you.

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Nov 08, 2010
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Treasury Dept Directive on Timing of 2MP
by: Dean

See Page 10 2MP Timing Also Page 8 Trial period Requirements
http://www.scribd.com/doc/30466703/Second-Lien-Modification-Prgram-2MP-March-26

Nov 08, 2010
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Whay are 2ND HAMP Taking so long
by: Dean

I worked with a client that started 2ND HAMP in Feb and just got the paperwork a week ago. So that is 8 months and it was Bank America Home Loan Servicing. Once you do 1st HAMP you are automatically eligable for 2ND HAMP. It seems to go better if the 2ND is with the same financial institution. If it is a different servicer that the 1st you have some leverage depending on the size of the 2nd relative to the first.

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