The Obama administration's foreclosure prevention programs have been granted an extension, even as foreclosure around the country are tapering off.
"The housing market is gaining steam, but many homeowners are still struggling," said Treasury Secretary Jacob Lew in a statement announcing the government's decision to extend the Home Affordable Mortgage Program (HAMP) to all eligible homeowners.
Lateer the same day Fannie Mae and Freddie Mac's regulator announced that both of those entities would Read more [...]
The latest reports are out on two of the three Obama mortgage initiatives and the numbers don't look too good. That doesn't bode well for the future of these programs, considering the House voted this week to axe the mother project, Home Affordable Modification Program (HAMP), in place since 2008.
That initiative gave incentives to mortgage servicers to modify loans for borrowers in danger of foreclosure. Of the 1.5 million participants, roughly 823,000 have dropped out or have been kicked out Read more [...]
This week the Treasury Department announced that to date 521,630 homeowners had been able to take advantage of the Home Affordability Mortgage Program or HAMP. When HAMP was first announced in the Spring of 2009, the program was meant to help millions of homeowners modify their home loans to make them more affordable, but that has not been the case. While HAMP has been slow moving, during the same time period, banks have reached out and negotiated directly with their customers and helped nearly four Read more [...]
The quarterly report released by the Office of the Controller of the Currency and The Office of Thrift Supervision shows that some home loan modifications are faring better than others. Across the board however, re-foreclosure rates are still near 50% for loans modified during the past year.
Those borrowers who used Obama's HAMP the Home Affordable Modification Program to refinance seem to be fairing the best, if their loans were permanently modified. During the first quarter of this year, only Read more [...]
The latest statistics on from the Obama Administration's Home Affordable Modification Program, or HAMP, do not look good, with over one-third of participants having been disqualified for permanent modifications and other predictions saying as many as 70 percent of borrowers will redefault even after receiving HAMP help.
Still, the stats show that of the 152,000 homeowners who had their trial mortgage modifications cancelled in May, almost 49 percent have been able to get other changes made to Read more [...]
People across the country are still losing their homes at alarming rates. Some are looking to the government's HAMP (Home Modification Loan Program) for help, but are finding it difficult to qualify. While many banks and lenders are now on board, it is still a complicated and long process to a permanent loan modification. Paying close attention to all the details of the process will be important for qualifying.
If you are contemplating applying for a home loam modification under HAMP, there are Read more [...]
Last month the Obama administration proposed changes to HAMP, the Home Affordable Modification Program. Proposed expansions to the program include helping underwater borrowers with principal reductions and even provisions to help the unemployed. While the concept of the program may sound good, its overall success so far has been dismal. The program is supposed to help struggling home owners, who otherwise might have to foreclose, be able to stay in their home. To date the program has helped just Read more [...]
This week Bank of America reported that it has now permanently modified just under 33,000 home loans through the HAMP program. Just over 12,000 modifications took place during the past month.
HAMP, otherwise known as the Home Affordable Modification Program, is a government stimulus program that is designed to help struggling home owners remain in their homes. With the economic collapse and the housing markets down fall, many homeowners have been left with mortgage payments that they simply can Read more [...]
Representative Barney Frank (D-Mass), chairman of the House Financial Service Committee, sent a letter of petition to the country's top 4 banks this week demanding they take steps immediately to write down second mortgages. The letter sent to bank CEO's at Bank of America, Citigroup, JP Morgan Chase and Wells Fargo asked for the banks cooperation in helping underwater mortgage holders who have second mortgages with their bank.
Frank's letter stated, "Many homeowners are eager to save their homes Read more [...]