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The Irony - HAMP Offered Stated Income Loan Modifications
With so much talk about the Federal Open Market Committee's press release yesterday, Apple's new iPad, the lackluster state of the union address last night and a variety of other business related news, I wouldn't blame you for missing the anti-climatic revisions to President's Obama foreclosure prevention plan.
Today's press release by the Treasury Department was to have been the next step forward to improve the effectiveness of the Making Home Affordable Program (HAMP). If you recall, HAMP was launched last April to slow down the rapid rise in foreclosures through loan modifications. Here are some interesting results of HAMP as of year end 2009.
Only 66,500 Permanent Loan Modifications; 900,000+ Application Requests 100+ Servicers Participating in HAMP; Accounts for 89% of ALL Mortgage Debt $500 per Month - Median Monthly Savings In the haste of rolling out HAMP last summer, the Treasury Department allowed applicants to get approved for a temporary loan modification based on an oral application. It was then left to the servicers to chase down the paperwork over the 3 month trial period. If everything was accurate and the homeowner made the new payments on time, then the temporary loan modifications would become permanent.
Right now the HAMP only has a 7.4% success ... more

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