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LOAN MODIFICATION, WASHINGTON
LOAN MODIFICATION, WASHINGTON
As the Federal Trade Commission has been cracking down, lenders are now under pressure to assure a loan modification for more homeowners unable to afford their mortgage loan payments, or those now "underwater."  Will it help?  Banks and lenders have shown over these last months that they are in no hurry to assure distressed homeowners a modification. It has been estimated that nearly 5 million Americans will lose their homes over the course of the next three years, even with the government modification effort.So far the Obama Administration has rolled out its $75 billion plan in hopes of spurring lenders to help modify the mortgages of millions of distressed homeowners.  Upon unveiling the Home Affordable Modification Program (HAMP), the Obama administration said its original $50 billion plan would help 4 million borrowers, about 1 in 15 Americans with a mortgage, through its modification incentives.  However, according to Treasury findings, only about 230,000 trial modifications are in process so far, representing only 9% of the 2.7 million mortgages that are at least 60 days past due and considered eligible.   [Boston Globe, 8/05/2009] On Tuesday August 5, the Treasury Department released the first monthly report on the performance of loan servicers in ... more

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