Pages Navigation Menu

Problems Continue with HAMP

Recent figures show that only a small fraction of homeowners are seeing any kind of permanent relief under the federal Making Homes Affordable Program (HAMP), and fewer consumers are applying for the program, leading one well-known economics blog to suggest that the program is dying.
Thus, a major effort by President Obama’s administration to assist homeowners and keep them out of foreclosure appears to be failing.
On Monday, the government issued data showing that HAMP only helped 300,000 defaulting households obtain permanent relief by way of new loans.  Yet, there appear to be over four million households in danger of losing their homes through foreclosure.
The government previously estimated that HAMP would help 1.7 million households.

2 Comments

  1. HAMP is crap. Applied in October. Was rejected today. First OWB said since I have never missed a payment I am not in danger and don’t need help. Then they said my income was too low since I am obviously in distress. Then they offered info on a short sale or deed in lieu. They suck and the program holds out false hope.

    • You are in New York. I am in Washington, so I cannot represent you. I suggest you consult with a New York attorney experienced in workouts. You must be two months behind to qualify for HAMP. That is a HAMP requirement. Your current income must be enough so that 31% of your income will amortize your balance owing at 2% with a 480 month amortization. Your income can be a little less than that, in which case there would be a balloon payment at the end. Good luck.

Tag Cloud

Subscribe To Our Newsletter

Subscribe To Our Newsletter

Sign up to receive helpful information from attorney James Robert Deal about seller-finaincing, lease-option deals, wrap-around deals, and mortgage modification.

You have Successfully Subscribed!

%d bloggers like this: