According to a recent government report from the office of the Special Inspector General of the Troubled Asset Relief Program (SIGTARP), 800,000 homeowners who received loan modifications during the financial crisis will begin to see their monthly payments go up by about $200 a month. About 30,000 homeowners will experience their first set of higher […]
Sigtarp, a report from the Troubled Asset Relief Program, showed that borrowers who had their mortgage payments reduced under the Home Affordable Modification Program (HAMP) are still having trouble keeping up with their payments, despite having their payments reduced on average by more than $400 a month. During the third quarter of 2009, forty-six percent […]
Hope Now, a consortium of mortgage servicers, investors, insurers and housing non-profits, recently released a report showing that 850,034 mortgages were modified in 2012 as the number of foreclosures and delinquencies declined. That is a decrease from 2011, when there were 1.05 million loan mods. Of the modifications that were completed last year, 661,362 were […]
Last night, President Barack Obama won re-election, but now the question remains as to what will happen to the housing and mortgage markets under Obama’s second term. Obama said he plans on continuing to fund government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac, in addition to programs such as the Home Affordable Mortgage […]
CNNMoney recently reported that the number of foreclosures in February fell 14%, compared to January and 27% compared to February 2010. According to RealtyTrac, that is the largest year-to-year drop the company has ever recorded. While some see this as a sign of recovery in the housing market, the company says part of the decline […]
The Wall Street Journal reported yesterday that the U.S. Treasury may introduce new guidelines for mortgage lenders to give distressed borrowers more time to try and qualify for the Home Affordable Modification Program (HAMP). Among other proposed changes, loan servicers would have to give borrowers 30 days to respond after they are denied a loan […]
The $75 billion Home Affordable Modification Program (HAMP) started in March 2009 to help homeowners prevent foreclosures by providing financial incentives to mortgage companies and investors for modifying home loans. Since then, approximately 66,000 homeowner mortgages have been permanently modified under the program, while 46,000 modifications are underway. The program is still a long way […]
In May 2009, the Obama administration announced its $75 billion Home Affordable Modification Program (HAMP), set up to aid nearly 4 million homeowners. The program provides financial incentives to mortgage companies and investors to modify home loans and prevent foreclosures. Under the program, borrowers are first put into trial modifications for three months to ascertain […]