Hamp Modifications on the Upswing

By
Real Estate Sales Representative with Wizards of Waz Real Estate

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

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Tags:
arizona
maricopa
short sale
loan modification
hamp
hafa
wizard of waz real estate

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Rainer
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Phil Holm
Edina Realty - Edina, MN

Thanks Wiz.  I'm in the process of re-financing and my LO said I might just quality for the program.  Good news indeed. 

Jan 10, 2012 01:20 AM #1
Anonymous
Bill Wasowicz

That's great news. In case you didn't know, if you have a Fannie or Freddie loan there is a great program that will be starting up soon!

Jan 10, 2012 04:53 AM #2
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Bill "Waz" Wasowicz

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