Just 9% of delinquent borrowers are getting help so far in the Making Home Affordable loan modification program that was announced in February, according to a Treasury Department report earlier this week. Called the Home Affordable Modification Program (HAMP), the program’s goal is to help between 3-4 million people over the next three years.
Critics say banks need to step it up and start helping borrowers more than they have. To put pressure on lenders, the Obama Administration released a report, showing which servicers are modifying mortgages.
Last 5 posts in Loan Modification
- Preventing Foreclosures: Help from the Government - December 2nd, 2009
- Bank Accidentally Sells House as Foreclosure - November 11th, 2009
- Loan modifications are lowering monthly payments - October 4th, 2009
- More Homeowners are Late on Their Mortgages - September 21st, 2009
- Successful Short Sales…I mean plural…more than one! - September 14th, 2009
- Stumble it!
- Categories: Loan Modification
Comments
2 Comments so far
modificationduchess
With a 98% success rate, I should know that the bailout money is not going to the borrower unless the borrower gets a professional to help. Most of my customers come to me after they have been declined by their lender. Unfortunately, by that time, they have greatly compromised my efforts to get the best interest rate available by giving the lender information that was not necessary. Now, my job is really hard because I have to work around the social blunders of the layman because he thought all modification companies were scams. If you want to see the Obama theory successful, don’t try it yourself, not yet anyway. You could lose your home or be declined and need miracles to get you through. Any servicer can be modified if it is done properly!
Brian
Ok Ditch Us My Bank wouldnt work with anyone because they were takin over by F DIC So For 12 months the property they scared us out of has not been forclosed on.Were hangin in the Air like a Banana how do u fix that????????????//