HAMP (Home Affordable Modification Program) has barely modified even 10% of the loans that delinquent home owners have requested. What no one is saying in this article is that, In order to get HAMP to help you modify your mortgage, you must first be THREE MONTHS LATE in your payments. Then they will help you. When eveyone finds out that all they have to do to get their mortgage restructured is QUIT PAYING THE MORTGAGE FOR THREE MONTHS, then HAMP will start re-processing tons of mortgages. The problem is, When millions more Americans stop paying their mortgages for at least three months, the economy will take another serious downturn.
S. Fla. ranks 4th in HAMP activity
South Florida Business Journal
February 19, 2010
While more than 1 million American homeowners have started the process of modifying their home loans under the government’s Home Affordable Modification Program (HAMP), only 116,000 have actually had their mortgages modified as of last month.
Those are the latest statistics from the U.S. Department of the Treasury, which, despite the low numbers, says the program is doing what it was designed to do.
“Struggling families are receiving payment relief and the housing market is showing signs of stabilization,” said Phyllis Caldwell, chief of Treasury’s Homeownership Preservation Office, in a news release.
In all, nearly 1.3 million offers for trial modifications have been extended to homeowners. An additional 76,000 modifications are awaiting the borrower’s signature.
The program was launched last year in an effort to help Americans remain in their homes.
In Florida, which has consistently ranked among the top five states for the number of foreclosures, there have been 101,971 active trial loan modifications through January. Of them, 14,598 have been permanently modified.
South Florida ranks fourth out of 15 metropolitan areas with the highest HAMP activity, at 4.7 percent. Through January, South Florida saw 39,356 active trial modifications, of which 5,143 have been permanently modified.
Only New York (6.1 percent), Los Angeles, (5.8 percent) and Chicago (5.1 percent) had more.
Click here to read the full report.
On Tuesday, Bank of America said more than 12,700 of its customers had been able to permanently modify their mortgages through HAMP.
