In some cases, yes. HAMP has been underperforming compared the overestimated numbers that the government hoped it would complete. HAMP launched in March 2009 with the promise of 3 million modifications. Through May, servicers started roughly 731,000 permanent loan modifications and have been averaging between 25,000 and 30,000 per month this year.
Wellsfargo claims they have completed or started trials on roughly 585,000 mortgage modifications through its programs since the beginning of 2009 which is more than five times the 101,000 initiated through the Home Affordable Modification Program.
However, the Treasury has had to clamp down on poorly performing servicers such as Bank of America and JPMorgan Chase.
Basically, there aren’t really any good options. But if either your own lender or HAMP will modify you loan then you are in a better place. There’s good news: Unemployment is starting to slowly drop, and in some parts of the country, so have the record number of home foreclosures. But, bad news remains: Americans are still hurting from one of the greatest economic downturns in the nation’s history
If you would like to learn more and/or receive assistance with foreclosure, loan modification, bankruptcy or debt settlement, please contact us at (857) 244-1940 or fill out the form on the right.
