short sale: Hamp Modifications on the Upswing
- 01/10/12 01:17 AM
According to this article published by DSNEWS.com, the Treasury Department reported that nearly 910,000 homeowners have received a permanent HAMP modification to date, saving an estimated $9.9 billion in monthly mortgage payments. I have been rather skeptical of this program in the past but it appears that the recent rule changes and streamlining of the system are having some impact. I still tell my homeowners not to "bank" on it (a little joke there!) but at least it seems to be a viable option. If, in fact, the modification fails or is not good enough to make financial sense to the … (2 comments)
short sale: Big Four Lenders on Board with HARP Refi Program
- 12/30/11 02:22 AM
DSNwes reports that Bank of America, Chase, Citigroup and Wells Fargo have agrred to participate in the new HARP program. This program, expected to be rolled out in FEB or MARCH will allow homeowners with Freddie Mac or Fannie Nae backed mortagges to refinance. The good news about this program is that there are few restrictions, except that the homeowner has to be current on their payments or only missed one (but not in the past 6 months). This could be great news for many distressed homeowners but keep in mind that this is a government program and we all know … (2 comments)
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According to this article published by DSNEWS.com, the Treasury Department reported that nearly 910,000 homeowners have received a permanent HAMP modification to date, saving an estimated $9.9 billion in monthly mortgage payments.
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