Although very well intentioned, the Home Affordable Modification Program (HAMP), is proving to be a big failure so far. The government program was intended to help 3-4 Million distressed homeowners modify their mortgages to affordable rates that they could continue to make payments on and avoid foreclosure. Now, it's being projected that less than 35% of those people will be able to get help from HAMP. That leaves millions without any help or light at the end of the tunnel, and they're only option now is to walk away from the home and let the banks take it. HAMP is costing the taxpayers $75 Billion. The bottom line is there are millions of REOs still to come.
Author:Michael Bray Phone: 915-549-1770 Dated: November 20th 2012 Views: 2,837 About Michael: ...
View our latest blog posts in your RSS reader. Click here to access.