New servicer loan modification directives under Making Home Affordable

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Loan modifications have not been successful on a national level. The Obama administration is putting more pressure on servicers to help home owners have modifications under Making Home Affordable (HAMP). In part, the Supplemental Directive is setting new parameters for banks and lenders wanting to foreclose on first lien mortgage holders. This article lists the 5 new items that Mortgage Servicers must do before referring a loan to foreclosure or conduct a foreclosure sale.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jeff Butler, PEARSON, BUTLER & CARSON, PLLC | Attorney Advertising

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