HAMP and consumers continue to flail, banks continue to profit
Less than one million homeowners have received assistance under the Home Affordable Modification Program (HAMP), six years after its creation.
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Tag: HAMP
New HAMP guidelines increase homeowner incentives
Homeowners who participated in the Home Affordable Modification Program (HAMP) are eligible for a new $5,000 principal reduction if they are current on their mortgage six years after their mortgage modification.
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The problem with HAMP
$815 million of taxpayer money has gone to mortgage lenders for running at risk homeowners through the Home Affordable Modification Program (HAMP).
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Automatic loan modifications begin. Will mods nibble at negative equity’s heel?
Yet another federal home-loan recovery program enters the stimulus mix.
Read MoreYou’re sure you’re a shortsale specialist?
Part II of this article series examines the pedigree of a true “short sale specialist” and highlights the many tedious aspects of qualifying a negative-equity homeowner for a short payoff with his mortgage lender.
Read MoreHow to facilitate a shortsale transaction
Part I of this article series details the process of qualifying a negative-equity homeowner for a short payoff, setting the sales price at the broker price opinion (BPO) and submitting a purchase agreement to the lender for appraisal and closing conditions, with a brief discussion of tax aspects of a shortsale and alternatives.
Read MoreRelief for unemployed homeowners . . . big deal
What do you think Congress and the Administration should do for California's underwater homeowner? Require lenders to grant homeowners loan mods, a la HAMP. (52%, 61 Votes) Nothing, homeowners must honor their agreement to pay...
Read MoreWobbling housing market reflects wobbling economy
The California housing market continues to flounder almost two years after the official end of the nation’s Great Recession (June 2009), and so does the broader economy. Statewide home sales volume and prices continue to decline...
Read MoreMore bad news for HAMP
The Administration’s Housing Scorecard for May 2011 was recently released, giving detailed assessments of the ten largest lenders participating in the Making Home Affordable Program, which includes the Administration’s own Home...
Read MoreHAMP loan modifications remain scarce
The federal government’s Home Affordable Modification Program (HAMP) has been officially deemed a failure by the House of Representatives, and legislation has been introduced to end the botched corrective effort. HAMP’s goal was...
Read MoreHAMP is losing participants
The administration implemented the $75 billion Home Affordable Modification Program (HAMP) to lower a homeowner’s monthly mortgage payment by reducing their interest rates to as low as 2% for five years and extending the loan...
Read MoreCal-HAMP: how $700 million of federal aid is proposed to be allocated in California
This article provides a sneak peak at the California Housing Financing Agency’s (CHFA’s) proposed allocation of $700 million of federal aid intended to help California’s distressed homeowners stay in their homes or provide relocation assistance.
Read MoreLenders attempt to lock homeowners into paying on underwater homes
This article examines Bank of America’s proposed principal reduction program scheduled to go into effect in May 2010.
Read MoreHARP refinancing is extended, but useless to most Californians
The federal government’s Home Affordable Refinance Program (HARP), designed to help refinance existing mortgages backed by Fannie Mae and Freddie Mac, has been extended to June 30, 2011. HARP releases federal funds to help...
Read MoreNew procedures for the Home Affordable Modification Program (HAMP)
In the spring of 2009, the federal government’s Home Affordable Modification Program (HAMP) had prodigious goals aimed at helping up to four million Americans. Mortgage lenders were instructed to modify loan terms of troubled...
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