The short answer is because they are a servicer, they do not own your loan, they mearly collect the payment and any (late) fees. They make money by skimming off a piece of your payment from the producer, or owner of the loan. If you do not make your payment they make no money. It does not behove the servicer to participate in the HAMP program, because they do not get any benefit from reducing your payment, and if they did, all the government benefits go to the investor/owners of the loan first.
A good site I found which breaks down some testimony presented to the senate on the lack of participation in HAMP by servicers: http:/phhmortgage.wordpress.com
I will forward you copies of hardship letter samples. I do this for a living and I have helped clients put their hardship into a letter format as long as they know and can tell me what their harship is. Glena
A letter of hardship for loan modification is essentially your best prospect to give explanation to the lender, the conditions that led you to be in arrears on your mortgage. It is crucial to be precise, clear-cut, and truthful while writing the hardship letter. Sugar-coating your situation is not recommendable.
Sometimes the bank will send a letter of hardship. You indicate information about bills you pay, etc. They will readjust your mortgage but it is usually more than the original amount. They usually call it a request for hardship document. Sometimes the bank will send a letter of hardship. You indicate information about bills you pay, etc. They will readjust your mortgage but it is usually more than the original amount. They usually call it a request for hardship document.
Houston Mortgage is known as a leader in the Texas mortgage industry. It offers a variety of online aids and a free mortgage calculator to help customers find their best rates. Houston Mortgage also offers live personnel to assist customers through the mortgage process.
PNC Mortgage is the mortgage services division of PNC Bank. They offer home mortgages, mortgage refinancing, and home equity loans,
I will forward you copies of hardship letter samples. I do this for a living and I have helped clients put their hardship into a letter format as long as they know and can tell me what their harship is. Glena
A letter of hardship for loan modification is essentially your best prospect to give explanation to the lender, the conditions that led you to be in arrears on your mortgage. It is crucial to be precise, clear-cut, and truthful while writing the hardship letter. Sugar-coating your situation is not recommendable.
Sometimes the bank will send a letter of hardship. You indicate information about bills you pay, etc. They will readjust your mortgage but it is usually more than the original amount. They usually call it a request for hardship document. Sometimes the bank will send a letter of hardship. You indicate information about bills you pay, etc. They will readjust your mortgage but it is usually more than the original amount. They usually call it a request for hardship document.
What do you mean by hardship letters?AnswerWriting hardship letters to a mortgage company. AnswerYou can find an example hardship letter at these web sites: http://www.foreclosurebeat.com/a_hardship_letter_020804.htmhttp://www.cclcnsw.org.au/DFT_Project_2002/module_03_Cant_Pay_-_Hardship/cw_hardship_var.HTMLhardship letterplease someone send me a sample of a hardship letter, my mortgage company is requesting one. im a getting behind with my monthly payments. thank-you caja99886@yahoo.com carlos Gomez
Houston Mortgage is known as a leader in the Texas mortgage industry. It offers a variety of online aids and a free mortgage calculator to help customers find their best rates. Houston Mortgage also offers live personnel to assist customers through the mortgage process.
PNC Mortgage is the mortgage services division of PNC Bank. They offer home mortgages, mortgage refinancing, and home equity loans,
You first need to include your name and account number. You also should state why you are having a hardship and when you payments will begin again.
The West Mortgage company offers customers mortgage and financial advice. They offer various lending options to persons requiring or renewing a mortgage.
Capital Mortgage Funding are a company that have the ability to provide several services to their customers. These include mortgages and mortgage advise.
A broker needs to register at various sites that provide mortgage rates comparisons for customers. These sites act like a marketplace connecting brokers with potential customers.
I found both an instructional guide to writing a hardship letter, and a few different examples of such at the following address:http://www.quickrealestatesolutions.com/uploads/Help_us_help_you.pdfGood luck.
If your planning on selling your home, talk to your mortgage company. A lot of times they have programs where you can drop the price of your home below market value to get out of it. Its called a hardship.