Today's Post From KCM Blog: "No Miracles in Modification Program"
Waiting on a Miracle?
The Home Affordable Modification Program (HAMP) is the administration’s hope for troubled homeowners trying to avoid foreclosure by modifying their current mortgage payments. The original release said the program was:
…aimed at helping 3 to 4 million at-risk homeowners – both those who are in default and those who are at imminent risk of default – by reducing monthly payments to sustainable levels.
HAMP publishes a report each month showing their progress. The May report had some interesting data in it. We want to go over that data in the blog today.
How many modifications have been completed?
HAMP acknowledges that there are over 3 million homes in need of a modification. Thus far, they have offered approximately 1.5 million trial modifications. The results so far: less than 300,000 permanent modifications, which is just a 20,000 more than the number of trials that have been cancelled.
