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HAMP loan modification servicers has increased by another 11 for a total of 99

The US Treasury Department added 11 new servicers to the Home Affordable Modification Program (HAMP)

The total number of participants is now 99, according to the latest Troubled Asset Relief Program (TARP) transaction report.

Under HAMP, the Treasury allocates capped incentives to servicers for the modification of loans on the verge of foreclosure. Currently, the 99 servicers could receive a potential $27.4bn in capped incentives, but the Treasury plans to spend $50bn on the program.

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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Here are new additions

  1. Of the new servicers, Ohio-based First Federal Savings and Loan Association of Lakewood received the highest cap at $3.4m.
  2. Park View Federal Savings Bank, also based in Ohio, receives a $760,000 cap.
  3. The third highest belongs to Indiana-based Horizon Bank, which receives a $700,000 cap.
  4. Hartford Savings Bank, based in Wisconsin, receives a $630,000 cap.
  5. The Illinois-based Citizens 1st National Bank receives a $620,000 cap.
  6. Verity Credit Union, based in Seattle, Washington, receives a $600,000 capped incentive.
  7. Also based in Seattle, Sound Community Bank receives a $440,000 cap.
  8. Glenview State Bank, in Illinois, receives a $370,000 capped incentive, and
  9. HomeStar Bank & Financial Services, also based in Illinois, gets a $310,000 cap.
  10. Golden Plains Credit Union, in Kansas, receives a $170,000 capped incentive, and the
  11. Bryn Mawr Trust Co., based in Pennsylvania, receives a $150,000.

Click here to see the list of loan servicers already in the program.

Earlier in December, the Treasury reported 30,000 permanent modifications through HAMP, but the Treasury anticipates 375,000 permanent workouts by the end of the year.

Homeowners – Need Some Sound Advice?

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Also get the latest foreclosure news around the country, read Q&As and other resources.

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