HAMP, it turns out, is a bust!!!!
By Bobbie Files, Realtor, Berkley, Greater Taunton Homes for Sale
(Success Real Estate)
In a recent article by Inman News it is reported that due to the treasury's failure to take action and re-allocate the HAMP program less than 1/5th of the number of borrowers were assisted and funds originally allocated were used. The program was set up to give the lenders the money to modify troubled homeowners mortgages. They anticipated by the $30 billion dollars that was allocated 3 to 4 million homeowners could have had their mortgage re-written to make them affordable. Well, the numbers came in at 700,000 homeowners assisted and only $4 billion used. The standards to qualify for HAMP precluded a lot of homeowners and then the lender's not being required to participate further reduced the number of assisted families. Please read the full story here.