The HAMP Principal Reduction Alternative

The HAMP Principal Reduction Alternative will be good for some but not all. Although even with that being said, it appears that the banking insitutions are finally getting it. Reducing the interest rate and adding it to the rear is not all the help homeowners need.

OneWest Bank, FSB, the Southern California regional lender that was formed out of the old IndyMac, announced Tuesday that it has implemented the new Principal Reduction Alternative (PRA) piece of the administration’s Home Affordable Modification Program (HAMP).
HAMP Principal Reduction Alternative
OneWest is one of the first servicers to officially launch the program, which was initially introduced by the Treasury in late March to provide some mortgage relief to the growing number of homeowners underwater on their
According to a statement from OneWest, during the initial launch of the PRA program, the following loans will be eligible for principal reduction:

    * The loan must be owned by OneWest Bank or serviced as part of an investor pool that has given OneWest the authority to implement HAMP.
    * The loan must be at least 60 days delinquent.
    * The home must be owner occupied.
    * Qualifying loans must have a loan-to-value ratio in excess of 115 percent, determined by a current assessment of the home’s value.
    * Loans that are serviced on behalf of Fannie Mae, Freddie Mac, or the Federal Housing Administration (FHA) and VA loans are currently not eligible for this principal reduction program.

To read the entire article OneWest Becomes Early Adopter of HAMP Principal Reduction Program

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Comment balloon 0 commentsSusan Jacobs • October 11 2010 02:05PM
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