Mixed Review on Making Home Affordable Program
August 26th, 2009 categories: Loan Modification
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.
