What is HAMP? ~ Foreclosure Options ~ Garden Grove, Ca

What is HAMP? ~ Foreclosure Options ~ Garden Grove, Ca

HAMP is an acroynm for Home Affordable Modifcation Program, which is another federal program just like HAFA. So what is HAMP? Hamp may allow a homeowner to modify their mortgage interest rate if eligible. (This web page tells a homeowner if their eligible or not.) Banks are offering their own modification programs, but the advantage with HAMP is that HAMP can lower a homeowner's monthly payment up to approximately 30%.

News on HAMP mods and redefaults:

DSNews reported a few days ago that permanent HAMP modifications were down 27%. Although HAMP is a good program for some homeowners, not every homeowner is qualifying to participate in HAMP. HAFA might be the better pre-foreclosure option for a homeowner instead of HAMP.

CNNMoney just wrote an article that 22% of private mortage modifications are redefaulting. A Chase spokesperson indeed does recommend a homeowner applying for HAMP before considering their bank's modification program.

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