Hard to believe a government mortgage program failing, but, even the Treasury Department finally noticed the HAMP program is failing. And, of all things, the government found that the mortgage companies were overstating the income of the homeowners trying to save their houses. Their excuse? Well, at first, HAMP did not require that applicants document…
Category Archives: HAMP
Foreclosure Still Not Helped by HAMP
The HAMP program is still not effectively helping homeowners avoid foreclosure. These statistics are for the 170,000 HAMP modifications already completed. There have been more than 450,000 foreclosure proceedings started in just the last two months. For over 75%, the home is still worth less than what is owed on the first mortgage, so foreclosure…
Foreclosure Prevention Program Modified Again
HAMP has failed, but the White House has not given up, and announced a new foreclosure prevention program last week. HAMP has resulted in fewer than 200,000 permanent modifications, out of the over 1 million people who have tried, and it has been around almost a year. HAMP was supposed to help 3-4 million. The…
HAMP Mortgage Modifications Quadrupled, Says Bank Of America
Bank Of America Says Quadrupled “permanent” HAMP Mortgage Modifications. Of course, it is easier to get big percentage gains when you start with small numbers. 3,200 permanent HAMP mortgage modifications was the starting number here, as of the end of 2009. No word on how many of these lowered the principal balance, or if the…
First HAMP, Now HAFA!
If you liked Home Affordable Modification Program, you will love Home Affordable Foreclosure Assistance! This plan (40 pages long) assists the mortgage companies in getting you out of your house, by short sale, or deed in lieu of foreclosure, which is signing a deed to give your house to the mortgage company, instead of making…
H.A.M.P. Program Changes Announced
Supplemental Directive 10-01 is available at: https://www.hmpadmin.com/portal/docs/hamp_servicer/sd1001.pdf From page 1: A significant program change is a requirement for full verification of borrower eligibility prior to offering a trial period plan. Effective for all HAMP trial period plans with effective dates on or after June 1, 2010, a servicer may only offer a borrower a trial…
HAMP Trial Modifications Extended To January 31, 2010
Sorry for the lag between posts, the ever popular technical difficulties! Would have gotten this out sooner, all pending HAMP trial modifications that were set to expire are extended to the end of this month. This does not help those waiting to hear, who are not yet in the trial period. The government imposed additional…
FHA Added To HAMP Program
Correcting an apparent oversight, in that FHA mortgages were NOT included in the Home Affordable Modification Program. By August 15, homeowners with FHA loans will be eligible for the same mortgage modifications encouraged by the HAMP program. FHA Added To HAMP Program Copyright secured by Digiprove © 2011 Kurt O'Keefe
Higher Mortgage Interest Rates Hurt Obama Re-Finance Plan
Noticed by Diana Olick of CNBC.ocm, the bounce in 30 year mortgage rates from around 4% to 5.5% eliminates any reason for numerous nomeowners to re-finance, because they already have 5.5% or lower rates. As noted, this rate increase virtually eliminates the Obama mortgage re-finance plan as a choice. (Click here if you want to…
