Participating In HAMP Cut Down On Principal Amount Owed For 77% Of Eligible Homeowners

Participating In HAMP Cut Down On Principal Amount Owed For 77% Of Eligible Homeowners

The latest numbers on the government-backed Home Affordable Modification Program are in, and there’s some good news in there for most of the homeowners who participated. About 77% of those who went through modification (and didn’t have a mortgage tied to Fannie Mae or Freddie Mac) in July enjoyed a nice little cut to the principal amount they owe. [More]

Study Says 800K Homeowners Should've Avoided Foreclosure But Big Banks Messed It All Up

Study Says 800K Homeowners Should've Avoided Foreclosure But Big Banks Messed It All Up

Getting a mortgage modification has been hard enough for homeowners, what with disorganized big banks not having enough well-trained people on staff to deal with the necessary ins and outs of the process. But a new study says that things should’ve been easier under the Home Affordable Modification Program and resulted in 800,000 fewer foreclosures than we ended up with. [More]

5 Reasons Not To Go For A Mortgage Modification

5 Reasons Not To Go For A Mortgage Modification

A Wise Bread story gives five reasons a government-backed Home Affordable Modification Program (HAMP)
may not be a bright move. [More]

Slothful Home Loan Modifiers Earn More Money When You're Delinquent

Slothful Home Loan Modifiers Earn More Money When You're Delinquent

With a rising wave of foreclosures looming, the Treasury is stepping up pressure on lenders to finish modifying home loans and to pick up the pace. Potentially exacerbating the problem is that many loans are held by servicers whose fees increase the longer borrowers remain in default. [More]