Distressed homeowners in Maricopa Arizona may see some relief in the form of principal reductions. But don't hold your breath!

The Obama administration announced that they are making a few changes in the HAMP program. Among them is tripling the incentives they offer to investors that agree to reduce principal. In addition, they are allowing second motgages to be factored into the mortage payment to income ratio. Investors also may find some relief as rentals will also be allowed into the program.

How much these changes will actually help homeowners remains to be seen due the the ineffectiveness of the program in the first place. Since HAMP launched in March 2010, more than 900,000 permanent modifications have been conducted. The Treasury originally estimated the program to reach between 3 million to 4 million borrowers. As of Dec. 1, less than 1 million were estimated to be eligible for the program under past rules.\

Without a doubt, the Hamp program is not for everyone. But hopefully this is another step in the right direction towards it making a greater impact. I'll reserve my judgement.

Raed the full article http://bit.ly/yhUhBI

Wizards of Waz

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3 Comments on Government Triples Lender Incentives for HAMP Principal Reductions

JAN
28
2012
814,369 Points 13 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Aren't the current stats on HAMP that it actually has helped less than 20% of the people it was created for ?
8:46am • #1
1,450,130 Points 46 Featured Posts Outside Blog Called Shot Master

Thank you for the link. I will check out the post and will share it with others.
9:12am • #2
117,665 Points 1 Featured Post Outside Blog

I don't know the exact numbers but I've only been able to one HAFA (closing next week) after specializing in distressed listings for the last 4 years and listing and closing over 100. HAMP is somehting for my toolbox but that's about it!
10:14am • #3


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Bill "Waz" Wasowicz

Maricopa, AZ

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Wizards of Waz Real Estate

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We live, work, play and know the Maricopa area. We specialize in Short Sales and Foreclosures and love to help any buyer find the right investment or any seller conduct their sale properly and in the right time. Contact us anytime for updates in listings and the latest in short sales and foreclosures in Maricopa AZ homes.


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