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HAMPer full of Hope?
Fact: Less than 7% of the homeowners who entered Trial Modification Periods for the Housing Affordable Modification Program (HAMP) in some form have succeeded to date: http://abcnews.go.com/Business/wireStory?id=9572114
This news has spurred updates on the government site: www.makinghomeaffordable.gov
Enter the new 'Conversion Campaign'
According to MHA: "The Home Affordable Modification Program requires borrowers to enter into a Trial Period Plan before receiving a permanent Home Affordable Modification." Which suggests that you 'may' be converted to a permanent program after your required trial. Or does it? Exactly who decides who gets to move ahead into modification bliss and who gets denied? That part is quite a mystery. The link on ABC News above has made it quite clear that very few are making it through the Trial Period Plan now.
The Housing Affordable Modification Program has been deemed a failure for some time now. Success rates are abysmal by their own record. Why is this? You see, HAMP it is not a law with appropriate enforcements, but a set of guidelines. Lenders who opt into these guidelines get--you guessed it--extra financial benefits! But what does this mean to you, Mr. or Ms. Homeowner in distress? Essentially, any bank who says they are applying HAMP or MHA to modify your loan has their own set of interpretations of these ... more

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