Question Relationship Freddie Mac / BOA / HAMP
 

My brother is in a serious situation and need some sage Pelican Brain Trust advice. His mortgage (1st only) through BOA now, but was originated with Country wide. He is in default; circumstances due to economic climate (he is in the construction business).

He was approved for HAMP program; trail modification and was successful. then offered a permanent mod in March this year, but the PITA exceeded the 31% (substantially) guideline and refused to sign it.

BOA went to trustee sale in July = no sale as house is worth @ half of actual value. He said that Freddie mac now owns the loan and THEY want to have him complete paperwork (financial statement) for a modification.

He is confused and seems to be getting run-around from BOA and Freddie about what's really going on. I'm trying to help.

Anyone here thoroughly familiar as to how this all works?