The Home Affordable Modification Program (a.k.a. HAMP) may be doing some good for a handful of people. But, if there is something that everyone agrees with, it is that the program needs some changes.
Alys Cohen and Diane Thompson of the National Consumer Law Center released a list of recommendations on July 6th that recommends greater [...]
Posts Tagged ‘Obama’
How Could HAMP be Better?
Mortgage Modification: What’s the Hold-Up?
Borrowers have reportedly been on the phone for a countless number of hours waiting to talk to someone about refinancing or modifying their home loans. So, what’s the hold-up?
Have the banks not staffed their modification programs with enough people? Are they simply using the Obama Administration’s plan as some kind of collection tactic to squeeze [...]
Incentives We Have: Motivation We NEED!
Yesterday the Obama Administration released the names of 6 mortgage companies participating in its Making Home Affordable. Today it was announced that the number of American households threatened with losing their homes grew 24%. While the Administration’s plan provides incentives to those involved in a refinance, modification, short sale or deed in lieu, it has to be clear to the American public that the plan is worth little absent a real motivating factor.
The Home Affordable Refinance Program
The Obama Administration’s new plan to help stabilize home prices allows qualified homeowners to refinance their first mortgage up to 105% of the value of their home and take advantage of historically low interest rates. To qualify the property must be owner occupied, homeowners must have a solid payment history, and the existing mortgage must be owned by Fannie Mae or Freddie Mac.