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The Wall Street Journal reported yesterday that the U.S. Treasury may introduce new guidelines for mortgage lenders to give distressed borrowers more time to try and qualify for the Home Affordable Modification Program (HAMP). Among other proposed changes, loan servicers would have to give borrowers 30 days to respond after they are denied a loan modification … Continue reading Treasury May Introduce New Guidelines For Mortgage Lenders Under HAMP The $75 billion Home Affordable Modification Program (HAMP) started in March 2009 to help homeowners prevent foreclosures by providing financial incentives to mortgage companies and investors for modifying home loans. Since then, approximately 66,000 homeowner mortgages have been permanently modified under the program, while 46,000 modifications are underway. The program is still a long way from … Continue reading A Review Of The Home Affordable Modification Program One of the main reasons for the reported failure of the government’s mortgage modification plan is something as simple (or complicated) as paperwork. Now a new set of rules, added under the Real Estate Settlement Procedures Act, which went into effect on January 1, addresses the issue of paperwork. Mortgage lenders are now required to use … Continue reading Simplified Paperwork May Help Mortgage Borrowers A recent article in the New York Times discusses the new phenomenon of voluntary defaults on mortgages. While it has always been common for homeowners who could not afford to pay to default on their mortgages, the economic crisis has given rise to a new trend of people who voluntarily choose not to pay. Despite programs … Continue reading Walking Away From Your Home Launched in February 2009, the government’s $75 billion Making Home Affordable Program was started with the mission of strengthening the housing market and the economy. The program offers refinancing and loan modification options to eligible homeowners, helping them stay in their homes. The loan modification option is covered by the Home Affordable Modification Program (HAMP) … Continue reading Affordable Financial Services’ Guide To The Home Affordable Refinance Program (HARP)
In May 2009, the Obama administration announced its $75 billion Home Affordable Modification Program (HAMP), set up to aid nearly 4 million homeowners. The program provides financial incentives to mortgage companies and investors to modify home loans and prevent foreclosures. Under the program, borrowers are first put into trial modifications for three months to … Continue reading Is the Home Affordable Modification Program (HAMP) Really Working? |
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