The availability of Home Affordable Modification Program (HAMP) to go through 2017 is yet to be determined but approvals can still be implemented all through 2017 for those who have submitted applications on or before December 2016.
What is the HAMP program about?
As a result of the recession that was suffered in America, many homeowners lost their homes for not being able to meet up with their mortgages. For this, the American government through the housing department introduces the Home Affordability Modification Program in 2009 to help homeowners get a reduced monthly loan repayment and at a much lower interest rate. This helped in saving some homeowners from losing their homes. A Loan modification specialist will always be around to render help necessary to complete the process.
The history of extensions
The HAMP program was initially designed to end by 2013 haven been launched in 2009. The program was extended to 2015 for not meeting its target of helping about 3 million Americans save their homes. It was able to achieve only 1.1 million. From 2015, it was also extended to Dec 31, 2016, which appears to be the final move on the extension. But with this date, there is a period through December 2017 for received applications to be processed and approved not later than Dec 31, 2017. This in a way keeps it running for those who had been onboard the program.
Borrowers’ difficulty in getting through
The reasons the program was extended severally for not meeting up with the target was because of the difficulties homeowners had to go through in the processes. A lot of documentation and waterfall tests are some stages that made the process seem hard to complete. Reports show that if the qualified loan modification attorney had been available to guide homeowners, things would have been a lot faster and more results would have been achieved.