Category Archives: HAMP Loan Modifications

Harvard Professor Recommends Mortgage Principal Reductions

There have been a lot of ideas discussed to help ease the drop in home values over the last few years.  But despite all the discussion, these ideas have largely failed.  “Cash for keys,” foreclosure moratoriums, as well as government programs HARP, HAFA, and HAMP, have all helped fewer homeowners than originally planned, and home […]

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Treasury Issues HAMP Performance Report

The Treasury recently issued the Home Affordable Modification Program (HAMP) Performance Report (through April 2011).  The statistics are quite interesting. Here are some of the points I thought worth noting: California (24%) and Florida (12%) represent a combined 36% of HAMP activity (active trials and permanent modifications). (p. 4 of the report) Borrowers whose HAMP […]

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HAMP Loan Modifications Cause Frustration for Borrowers

If you’ve tried to get your lender to modify your loan, there’s a good chance you can relate to the people in this article from the USA Today. Maybe you’ve called your lender multiple times with no call back.  Or maybe you’ve had to provide the same documentation over and over and over again.  Or […]

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The End of HAMP?

In yet another blow to the government’s mostly-failed Home Affordable Modification Program (HAMP), the House plans to vote by the end of the month to cut off funding for the Obama administration’s main foreclosure prevention plan, according to Alan Zibel’s Wall Street Journal blog. In nearly 2 years, the program has assisted approximately 540,000 borrowers, […]

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Treasury Report: 1 in 4 Loan Modifications Approved

A new Treasury Department report shows that only 25% of HAMP (Home Affordable Modification Program) applicants were successful in getting their monthly payment reduced. The report was discussed in an article in the Wall Street Journal.  According to the article, almost 266,000 applicants were rejected because they either didn’t submit the necessary paperwork or it […]

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Denied Loan Mods Reviewed by Lenders?

Oh boy…this one might get your blood boiling, especially if you’re a homeowner who has been denied a loan modification under the government’s HAMP program. (By the way, I recently wrote an article about the shortcomings of HAMP, which might be worth reading for a little background). But back to the issue at hand: Kate Berry of American Banker recently wrote about yet another problem with the program, one that reeks of conflict of interest.

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Government Loan Modification Program Struggles

Here we go again…the government’s HAMP program (Home Affordable Modification Program) was recently re-evaluated by the Congressional Oversight Panel.  And big surprise…it’s not working.  In fact, it’s been a miserable failure so far.  A year and a half since the program started, HAMP is on pace to prevent only 700,000 to 800,000 foreclosures.  By the […]

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