Although, there is constant talk of loan modifications not being agreed, there are some people who have actually had their loan modifications approved. However, it seems that getting the modification approved is not the only problem facing homeowners today.
It has been found that homeowners are having problems keeping up with their agreed modifications, and suddenly the amount they agreed upon is now too large an amount, and they are unable to afford the payments. Therefore, many of these people’s homes are now being foreclosed on.
HAMP was created by the Obama administration back in 2009 as a way of saving the millions of borrower’s homes in the wake of the housing collapse. $75 billion was provided and this amount was supposed to help reduce monthly payments to 31% of the homeowner’s income.
The administration estimated at the time, that 4 million homeowners would be helped by HAMP in avoiding foreclosure. However, this has turned out not to be the case and the program has not reached enough Americans who are still struggling, due to a program that has faced criticism and is plagued with delays. Even now homeowners are still making complaints about the denial process and its lack of transparency and also the pace of reviews.
Problems Still Being Faced
Although, there are still many problems with the system which has been put in place, HAMP has looking on the bright side helped almost 6.5 million borrower’s in their fight to avoid foreclosure as of 2009.
So even though HAMP has helped as many homeowner’s as it has, there are still far too many other homeowner’s who are not getting the help that they need in order to keep a roof above their head.
Avoid Foreclosure and get a loan modification with lower payments.
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