Nearly 1.2 million
mortgage modifications have been completed since the Home Affordable
Modification Program (HAMP) was first launched four years ago. Yet more
than 306,000 borrowers have re-defaulted on their loans and more than
88,000 are at risk of following suit, the Special Inspector General for
the Troubled Asset Relief Program (SIGTARP) found in its quarterly
report to Congress.
In addition, the watchdog found that the longer a homeowner stays in the HAMP modification program, the more likely they are to default. Those who have been in the program since 2009, are re-defaulting at a rate of 46%, the inspector general found.
HAMP, which was launched by the Treasury Department at the height of the foreclosure crisis, aimed to help as many as 4 million borrowers avoid foreclosure by making their payments more affordable through reduced interest rates, extended loan terms or, in some cases, reduced mortgage principals.
http://www.localnews8.com/lifestyle/money/watchdog-borrowers-in-obama-housing-program-redefaulting/-/461672/21137896/-/y77kcz/-/index.html
In addition, the watchdog found that the longer a homeowner stays in the HAMP modification program, the more likely they are to default. Those who have been in the program since 2009, are re-defaulting at a rate of 46%, the inspector general found.
HAMP, which was launched by the Treasury Department at the height of the foreclosure crisis, aimed to help as many as 4 million borrowers avoid foreclosure by making their payments more affordable through reduced interest rates, extended loan terms or, in some cases, reduced mortgage principals.
http://www.localnews8.com/lifestyle/money/watchdog-borrowers-in-obama-housing-program-redefaulting/-/461672/21137896/-/y77kcz/-/index.html
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