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 homeowner, at least they are in position to pursue a HAFA short sale which will not only offer some protection from foreclosure but also guarantee deficiency release and, in most cases, give the homeowner $3,000 in relocation costs.
Read the full article here. http://bit.ly/yW4Jkv