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Links and Documents

Attorney Generals’ Settlement from 2011

Bailout Tally Report

Bank of America

See an example of a Bank of America mod.

Cram Downs

Call or write your representative: Give bankruptcy judges the power to write down (cram down) mortgage balances. December 10, 2009.

Congress is debating whether to allow judges to cram down mortgages, meaning to reduce the balance owing to the value of the property. Read this report by Martin Andelman. December 8, 2009.



Read all HAMP guidelines here.

HAMP – Making Home Affordable

Making Home Affordable Handbook 4.4 (September 16, 2013)

A federal district court judge in Southern California says that HAMP is enforceable and not just voluntary and that borrowers are third-party beneficiaries of the contract between HUD and the lenders.

HAMP Training for servicers, Part 1

HAMP Training for Servicers, Part 2

HAMP 2 allows remodification after obtaining previous HAMP modification.


Lender Lookup

You can look up your lender and find out if it has signed up with the Feds and is cooperating with the Making Home Affordable program.

You can look up your property and find out if your loan is owned by Fannie Mae.

You can look up your property and find out if your loan is owned by Freddie Mac.


HUD Mortgagee Letters

Net Present Value Analysis

California law, California Civil Code 2923.6, sets a policy that a lender must accept a modification proposed by a borrower if the lender would make more money or lose less money under the modification proposed than the lender would lose if the lender foreclosed. Washington does not have such a law at this time, but Washington often models its laws after California’s. Also the California statute has persuasive precendent. It is not clear just how binding this statute will turn out to be when it is tested in court.

Lenders which are subject to the Home Affordable Program guidelines are subject to a similar requirement. Go to page 122:

All loans that meet the applicable HAMP eligibility criteria in Section 1 must be evaluated using a standardized NPV test that compares the NPV result for a modification to the NPV result for no modification. … Using the applicable standard modification waterfall, if the NPV result for the modification scenario is greater than the NPV result for no modification, the result is deemed “positive”. If the NPV result for no modification is greater than the NPV result for the modification scenario using the applicable standard modification waterfall, the modification result is deemed “negative”. If there is a positive NPV result under the HAMP Tier 1 standard modification waterfall, the servicer must offer the HAMP Tier 1 TPP regardless of the HAMP Tier 2 NPV result. If there is a negative NPV result under the HAMP Tier 1 standard modification waterfall and the investor has authorized a different threshold, or the modification has excessive forbearance and the investor has authorized the service to exceed the forbearance limit, the servicer may offer the HAMP Tier 1 TPP. If the borrower is not offered a HAMP Tier 1 TPP and is NPV positive under the HAMP Tier 2 standard modification waterfall, the servicer must offer the HAMP Tier 2 TPP. If there is a negative NPV result under the HAMP Tier 2 standard modification waterfall, the servicer may, based on investor guidance, offer the HAMP Tier 2 TPP.

Pooling and Servicing Agreements

How to look up your pooling and servicing agreement

Securities and Exchange pooling and servicing agreement lookup tool



There are complications in buying a bank owned REO property or a short sale property.

Strategic Default

Brent T. White – Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis


  1. I’d llike info about modification of my mortgage. I have a co-signer on the loan. Does this affect modification? I am current on loan with Ocwen but my loan and home association fee is over 50% of take home pay.


    Ps what are your fees

  2. Having a “co-signer” on your loan should not prevent you from obtaining a modification if you otherwise qualify. Ocwen has signed onto the Making Home Affordable program. Your payment, including principal, interest, taxes, insurance, and home owner association dues, should be modifiable. Your payment for PITI and HOA should be no more than 31% of gross income, not take-home pay. Most “co-signers” are really co-owners. Does this co-signer have income? Probably your income and the income of the “co-signer” would be added together and then multiplied by 31% to determine what your total payment should be. If your “co-signer” has moved out and has not contributed to payments, it might be possible to have the “co-signer” income not counted as part of total income. Modification is sometimes very easy and sometimes very complex. My fee is 1.0% of your loan balance or $3,500, whichever is less. I accept credit cards in payment. Feel free to call.

  3. My father and I co-signed a loan together on a home. My girlfriend used to live with me and she supplied half of the income for the mortgage. Now she is moved out and I am left with the whole mortgage. I want to apply for HAMP but I am concerned my income is too little to be considered for HAMP alone. Would they use my father’s income in the HAMP process even though he does not live there? Also, how much do you charge to get me through the whole process?

    • Because your father is on the loan, you should be able to use his income, even though he does not live with you. Under the new FTC regulations, I can help you only if you are in Washington, the only exception being that I can work for borrowers in other states if they have a sponsoring attorney. You can probably find an attorney in your home state who has modification experience. My typical fee is $3,500 paid at the beginning of the process or over the first two or three months. We accept credit cards, but we add 3.0%. We then charge a bonus upon completion, around 3.0% of what we save you during the firsts five years of your modified loan. Some clients save $50,000 to $100,000 just over the first five years, not counting what they save over the life of the loan. Feel free to call us at 425-771-1110.

  4. I was interviewed by your Rep. (Mr. Kevin Foster) on Jan. 20 2011.
    He asked me to fax him some documents.
    the fax. # he gave me is;
    But this is a phon number to SUNTRUST Bank.
    He gave also gave mne a phone number that I am unable to talk to anyone.
    please email me (, a good fax # for LBPS. Loan Modification Department.

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