New HAMP rules for loan modifications went into effect on June 1. There are other loan modification programs, including one for unemployed borrowers, that go into effect later this summer.
On the Ilyce Glink Show today, I talked about some of the new HAMP rules that went into effect for trial loan modifications and permanent loan modifications.
There are also new rules for borrowers who are now unemployed. Also, some of the big banks, like Bank of America, are setting up their own programs to help certain borrowers keep their homes from falling into foreclosure.
The Bank of America program is targeted toward Countrywide borrowers who had certain types of subprime loans. They only expect 45,000 borrowers to qualify for that program, which is a drop in the bucket for a company like Bank of America that has millions of borrowers.
Anyway, these stories and the links contained inside of them will give you a place to start educating yourself to see if you qualify for a loan modification under the new rules that started June 1, 2010:
[Want a Loan Modification? The New HAMP Rules For Trial Loan Mods Start June 1](http://moneywatch.bnet.com/saving-money/blog/home-equity/want-a-loan-modification-the-new-hamp-rules-for-trial-loan-mods-start-june-1/2172/?tag=col1;blog-river
The new rules for temporary loan modifications go into effect June 1. Do you qualify?
There have already been changes to the income requirements. Check back at MoneyWatch.com as I’ll be updating these stories as new information becomes available.
Later in the year, Fannie Mae and Freddie Mac are expected to implement additional new HAMP programs that will engage the concept of principal reduction.