Mixed Review on Making Home Affordable Program

797-20090814_MORTGAGES.large.prod_affiliate.91 Home Affordable Modification Plan (HAMP) has some mixed reviews.

The numbers indicate that 3.1 million people are eligible for the loan modification program but only 10% or 310,000 people have actually completed a HAMP application.

To date 96,000 loans have been modified. The verdict is still out on the success of these loans since they include a 90 day trial period. The homeowner must remain current on their new mortgage payment for 3 months before the loan is locked in at the new rate.

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