The Treasury Department released a new report Monday highlighting the results of its flagship Home Affordable Modification Program (HAMP). Nearly 910,000 homeowners have received a permanent HAMP modification to date, saving an estimated $9.9 billion in monthly mortgage payments.
Treasury says borrowers now entering HAMP have a better chance of earning a permanent modification and realizing long-term success. Eighty-three percent of eligible homeowners that signed on to HAMP since June 2010 have received a permanent modification, with an average trial period of 3.5 months.
Treasury’s Making Home Affordable Unemployment Program (UP) provides a temporary forbearance to homeowners who’ve lost their jobs. Under Treasury guidelines, unemployed homeowners must be considered for a minimum of 12 months’ forbearance. So far, servicers have initiated 16,633 UP forbearance plans.
The government’s Second Lien Modification Program (2MP) was also prominently featured in this month’s report. Treasury says 47 percent of eligible second liens have received a 2MP modification, with many of the remaining second liens still in the evaluation process, awaiting homeowner response to the 2MP offer, or awaiting conversion of the first lien HAMP trial to permanent status.
To discuss all your options, contact us
Tags: HAMP, HARP, HAFA, REO, HUD
VA-FHA | San Diego Short Sale | San Diego Foreclosures | Real Estate News
Cancel reply to comment
Name* Required Please choose another name
E-mail*
Country [Not specified] Afghanistan Albania Algeria Argentina Armenia Australia Austria Azerbaijan Bahrain Bangladesh Belarus Belgium Belize Bermuda Bolivarian Republic of Venezuela Bolivia Bosnia and Herzegovina Brazil Brunei Darussalam Bulgaria Cambodia Canada Caribbean Chile Colombia Costa Rica Croatia Czech Republic Denmark Dominican Republic Ecuador Egypt El Salvador Estonia Ethiopia Faroe Islands Finland France Georgia Germany Greece Greenland Guatemala Honduras Hong Kong S.A.R. Hungary Iceland India Indonesia Iran Iraq Ireland Islamic Republic of Pakistan Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Korea Kuwait Kyrgyzstan Lao P.D.R. Latvia Lebanon Libya Liechtenstein Lithuania Luxembourg Macao S.A.R. Macedonia (FYROM) Malaysia Maldives Malta Mexico Mongolia Montenegro Morocco Nepal Netherlands New Zealand Nicaragua Nigeria Norway Oman Panama Paraguay People's Republic of China Peru Philippines Poland Portugal Principality of Monaco Puerto Rico Qatar Republic of the Philippines Romania Russia Rwanda Saudi Arabia Senegal Serbia Serbia and Montenegro (Former) Singapore Slovakia Slovenia South Africa Spain Sri Lanka Sweden Switzerland Syria Taiwan Tajikistan Thailand Trinidad and Tobago Tunisia Turkey Turkmenistan U.A.E. Ukraine United Kingdom United States Uruguay Uzbekistan Vietnam Yemen Zimbabwe
Notify me when new comments are added
