[Night Hides Not]

There's another trick being employed by delinquent homeowners: when they receive notification that the property is being put up for bid in a foreclosure sale, they contact their lender and request a modification.

That usually puts a further delay in the process.

If the borrower wants to stay in the home, those delinquent payments can be capitalized in the new loan. Under HAMP, the rate can be as low as 2%.

The vast majority of the mods I've seen are done for borrowers with a documented hardship. Those trying to game the system are easy to spot, but they still slip through.

With apologies to Samuel Clemens, there are 3 kinds of lies:

1. Lies

2. Damn Lies

3. HAMP modifications

[stephenjohnbanker]

” With apologies to Samuel Clemens, there are 3 kinds of lies:

1. Lies

2. Damn Lies

3. HAMP modifications “

Sam would have agreed : )