Posts Tagged ‘home mortgage’

Wells Fargo and BoA at least give lip service to working with HAMP

Thursday, March 18th, 2010

In the news :  Wells Fargo joins Bank of America participating in a government program to modify second mortgages if the home owner has already modified their first mortgage.

The program is part of the  government’s Home Affordable Modification Program (HAMP) that aims at reducing monthly payments to help customers stay in their homes.

HAMP offers lenders who made “piggyback” loans — second mortgages that allowed consumers to make a small or no down payment in recent years — incentives to lower payments or eliminate the loans entirely.   As usual, it remains to be seen if these incentives will be passed thru to second mortgage holders.

Customers of Wells Fargo or Bank of America  who have already modified their first mortgage through the HAMP modification program  can also apply to modify their second mortgage.  All first-lien HAMP customers with second-lien mortgages should received mailed notices to make them aware of the new payment relief option … but maybe you heard about it first here.