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The New HAMP

The new loan modification program called Home Affordable Modification Program (HAMP) was passed by congress is March 25, 2010. This program is designed to expand more effort into rescuing homeowners that are still under water with their mortgages, and are in desperate need of help. Even the unemployed is capable of getting some assistance with this program. Many skeptics believe even this latest program will not work, because they believe there is no way for big government to save a whole industry as massive as the mortgage industry. What do you think.

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This program focuses more on debt forgiveness of 1st lien, meaning principal reduction, and the possibly of total forgiveness of any 2ND lien. The government is offering larger incentives for both lenders and homeowners than previous programs. Homeowners can get up to $3000 and lenders up to $1500 for each deal that is worked out to avoid foreclosure. Deals meaning a solution that will avoid foreclosure and enable the homeowner to either modify the mortgage to a lower payment and possibly principal reduction, short sale, or deed-in-lieu of foreclosure. There is no doubt that this will help to mitigate more losses for lenders, and help to prevent more foreclosures. However, there are stills tens of thousands of properties going to foreclosure sale everyday with no end in sight. Some of these loans are sold to 3rd parties, some become real estate owned (REO), or real estate managed (REM).

Not everyone is going to benefit with this new program, but it an honest attempt to mitigate more losses. The mortgage industry is constantly changing, and some of the older loan modification programs that have worked in the past may not work well today with unemployment at an all time high. So with that being said, the new programs coming out have to be different from the one in the past. The new programs build on the older loan modification programs.The loan modification evolution will continue. Even after home prices begin to rebound sometime in the near future, there will still be loan modification programs available and evolving.

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