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Citi Mortgage says HAMP government program to blame for increase in delinquencies

Citi Mortgage cited the Home Affordable Modification Program, which was enacted to help stabilize the housing market, as being ineffective at lowering delinquency levels.

The bank hints that this loan modification program is actually making it tougher for the government-supported bank to manage its balance sheet.

Citi Mortgage said in its third-quarter earnings report that delinquent mortgages are increasing because of HAMP.

Mike Rockwood has modified five of his own loans, including his personal residence and investment property. He has created a top-notch workbook to walk you through the steps of fighting to get the best terms on your loan modification.

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“Loans in the trial modification period under the HAMP continue to remain delinquent even if the reduced payments agreed to under the program are made by the borrower,” the report said.

“The impact of HAMP also contributed to the $2 billion sequential increase in loans 90+ days past due in the North America residential real estate lending business.” The bank’s first mortgage delinquencies went from $10.2 billion in the second quarter to $12.5 billion in the third quarter.

My two cents: One of the reasons homeowners default after getting a loan modification is because they took the first offer from the loan servicer. Loan modification expert, Mike Rockwood, recommends to never take the bank’s first offer. You should give a counter offer that will be more affordable for you.
Source: http://www.forbes.com/2009/10/19/home-loan-modification-intelligent-investing-citi.html?partner=relatedstoriesbox

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