HAMP - Articles

About Half of HAMP Mortgages Are Back in Default, Report Says

By Margaret Chadbourn Nearly half of the mortgages modified in 2009 under the Obama administration's signature homeowner rescue effort are in default again, according to a report on Wednesday that raised concerns about the program's effectiveness. The report from the Special Inspector General for the Troubled Asset... Continue Reading »

Minnesota Woman Says Bank Took Her Money, Foreclosed Anyway

Mardee Jerde is homeless today. At 9 a.m., a representative of JPMorgan Chase, along with a real estate agent and a locksmith, arrived to change the locks on her former three-bedroom house in Rush City, Minn. She's hoping that a last-ditch legal effort can get her home back, but meanwhile this breast-cancer survivor... Continue Reading »

Thousands of Borrowers to Get Mortgage Payments Reduced

By Les Christie Starting this week, hundreds of thousands of struggling borrowers could be in for a pleasant surprise: a quick and easy way to get their mortgage payments back on track -- and save considerable money. Through a new effort called the Streamlined Modification Initiative, borrowers with mortgages backed by... Continue Reading »

Have Government Programs Helped Homeowners?

The national housing market is seemingly improving all the time, but unfortunately for many homeowners across the country, negative equity is still a significant burden that can lead to large amounts of stress and financial difficulties. However, government programs still continue to help these people to better deal with... Continue Reading »

Government Housing Help Benefits 1 Million Homeowners in 3rd Quarter

For much of the last year, the housing market has generally been on a slow but steady path toward improvement, and that trend continued in November. A number of federal initiatives to make consumers struggling in the housing market more financially capable seem to be working, according to the latest housing scorecard from... Continue Reading »

New Warning on Mortgage Mods: Demand for Up-Front Fees Is a Sure Sign of a Scam

The housing market has been slowly recovering for most of the year, but the fact remains that millions of Americans are still underwater when it comes to what they owe on their mortgage versus the value of their home. As such, many may be looking for some relief, and scammers are now preying on that need. In recent weeks,... Continue Reading »

Romney's and Obama's Housing Policies: Why the Candidates Seem Reluctant to Go There

It may seem hard to believe, but this year's presidential candidates have mostly avoided discussing an industry that's largely responsible for the last five years of economic pain. That may be because, for President Barack Obama and GOP White House hopeful Mitt Romney, the subject of housing remains an extremely... Continue Reading »

Has HAMP Gotten Any Better at Helping Distressed Homeowners?

Before the housing bubble burst, Anthony Ugaro lived across from a country club in Bloomfield, N.J. "I was playing golf every day. I thought I was a duke," he said. But the good life began to unravel for Ugaro, 65, when the military veteran lost his job at an electronics company in 2009. Soon after, he was diagnosed with... Continue Reading »

How to Avoid Foreclosure: Steps You Can Take to Keep Your Home

By Paul Hagey There are many actions borrowers can take before facing foreclosure. Many find solutions to their difficult situations by short-selling their homes or simply walking away, an option the Obama administration's Making Home Affordable program makes slightly easier by paying $3,000 to borrowers for relocation... Continue Reading »

Obama Pushes Congress to Pass New FHA Refi Plan

WASHINGTON -- President Barack Obama is rallying support for his plan to expand government assistance to homeowners, pressuring Congress to help lower lending rates for millions of strapped homeowners. Obama, in his radio and Internet address Saturday, urged the public to "get on the phone, send an email, tweet," and... Continue Reading »

WATCH: 'Need to Know' Explores the Mortgage Mod Maze

On the eve of the Nevada primary, in which housing policy will weigh heavily on residents of the foreclosure-ridden state, PBS' "Need to Know" takes a closer look at what the housing crisis looks and feels like for locals. In the video special below, which airs in full at 8:30 p.m. EST tonight, the "Need to Know" team... Continue Reading »

HAMP Redux: Changes in Fed's Foreclosure Prevention Program

By Les Christie, CNNMoney NEW YORK -- The Obama administration is taking another swing at improving its main foreclosure prevention program. The administration said it was expanding eligibility for its Home Affordable Modification Program, known as HAMP, to borrowers with higher debt loads and tripling the incentives... Continue Reading »

Bernanke: Fed Should Help Turn Foreclosures Into Rentals

Most of Washington's initiatives to staunch the flow of foreclosures glutting the housing market have been woefully inadequate. (We're looking at you, HAMP, HAFA and HARP). But a new idea put forth by Federal Reserve Chairman Ben Bernanke might actually make a dent in the bank-owned backlog: Allow renters to move into... Continue Reading »

Principal Reduction Better Than Short Sales, Report Says

Here comes another black eye for the Fed's much-maligned mortgage modification program. Housingwire reporter Jon Prior has crunched the numbers and found that the Home Affordable Modification Program (HAMP) is most effective when it actually reduces the principal owed on upside-down mortgages, not just extending borrowers'... Continue Reading »

Fed Up Georgia Judge Stands Up for Struggling Homeowner

By Arthur Delaney Georgia Judge Dennis Blackmon is fed up with bailed-out banks refusing to help strapped homeowners. "Sometimes, only the courts of law stand to protect the taxpayer. Somewhere, someone has to stand up," Blackmon wrote in a five-page Nov. 2 order in Carroll County Superior Court. "Well, sometimes is now,... Continue Reading »

Viewpoint: Obama's Drop-in-the-Bucket Idea for Housing

Let's hold off blaring the triumphant trumpets just yet for President Obama's plan to allow holders of underwater loans to refinance at a lower rate through revisions in the Home Affordable Refinance Program. What this change does is amend the loan-to-value ratio in a refinance. By removing the cap on how upside-down you... Continue Reading »

One Homeowner's Foreclosure Clock: 2 Years and Counting

By Laura Rowley Losing your home to foreclosure is traumatic, no doubt. And for a variety of reasons--from internal bank bureaucracy and missteps to slow-moving government programs--the pain can stretch out for months. It takes an average of 336 days for a home to move through the foreclosure process, from the first day... Continue Reading »

Occupy Wall Street: Housing Stories From the Front Lines

By Stefanos Chen and Teke Wiggin A few blocks away from the youth-led drum circles and costumed theatrics of Zuccotti Park, the epicenter of the Occupy Wall Street protests, some 15,000 activists, labor supporters and all-around rabble-rousers were preparing to march on the canyons of Lower Manhattan. "They just called... Continue Reading »

Bank of America Offering Up to $20,000 to Florida Short Sellers

It's not mortgage principal reduction, but it's a start. Bank of America is quietly rolling out an incentive program in parts of Florida in which they'll pay distressed homeowners up to $20,000 if they successfully short-sell their home, according to The Palm Beach Post. A short sale is an arrangement in which the lender... Continue Reading »

HAMP Helping Fewer and Fewer Homeowners

WASHINGTON -- For the third consecutive month, the Obama administration's signature housing help plan posted the lowest numbers of preliminary mortgage modifications since the program's start in the spring of 2009. Just 13,000 homeowners received initial mortgage modifications from the Home Affordable Modification Program... Continue Reading »

Linda Hatchell, Woman in $1 Foreclosure, Responds

You may recall the story of Linda Hatchell, a Glen Ellyn, Ill., cancer survivor who is staring down foreclosure on the Victorian home she spent $1 to buy, but tens of thousands more to relocate and lovingly restore. After sharing her story earlier this month, AOL Real Estate was inundated by hundreds of comments, emails... Continue Reading »

Foreclosure Commercials Coming to a TV Near You

The Obama administration on Wednesday unveiled a new TV advertisement for its anti-foreclosure programs. The spot shows stone-faced homeowners immobilized by trouble with their mortgage payments. A woman stands motionless on her lawn, morning newspaper in hand as the sprinklers spray her bathrobe. A man stares blankly... Continue Reading »

HAMP Mortgage Modification Program Still No Help

The Obama administration announced more disappointing numbers for its signature anti-foreclosure initiative and said Thursday that it would continue to withhold payments from two banks running the program. Just 14,000 homeowners received trial modifications under the Home Affordable Modification Program in July, the... Continue Reading »

Mortgage Modification Program Slows to a Crawl

WASHINGTON -- Fewer homeowners entered preliminary mortgage modifications under the Obama administration's signature foreclosure prevention initiative in June than in any month since April 2009, according to government data released Friday. June saw just 15,000 new trial modifications under the initiative, which the... Continue Reading »

Report: Banks Force Distressed Homeowners to Waive Right

As the federal government wades deeper into claims of improper foreclosure procedures at the nation's largest banks, a new scandal is emerging. An investigative series by ProPublica has revealed that several lenders are forcing distressed homeowners to sign away their rights to sue in exchange for a temporary loan... Continue Reading »

HAMP Foreclosure Aid Program Voted Down by House

HAMP is on life support, thanks to a U.S House of Representatives vote on Tuesday. The House voted 252 to 170 to end the widely criticized Home Affordable Modification Program, with Republicans leading the charge to eliminate it. While the Obama administration program originally hoped to aid 3 to 4 million troubled... Continue Reading »

Obama Foreclosure Relief Plan to Get Smaller

Federally funded foreclosure relief will likely be less available to distressed homeowners as the Obama administration reduces the number of homeowners entitled to such aid, according to a story published today by Shahien Nasiripour of The Huffington Post. Facing pressure from major mortgage lenders and seven Republican... Continue Reading »

Loan Modification Plans Fail, Banks Not to Blame

So it appears that some Congress-critters are agitating about the utter failure that is the suite of government loan modification programs. House Republicans want to repeal the Home Affordable Mortgage Program (HAMP), calling it a "colossal failure". Home Affordable Foreclosure Alternatives (HAFA), a sub-program, is also... Continue Reading »

Housing Market 2011: As Rough As 2010

Looking back on 2010, the year in real estate was, in a word, terrible. Property values continued to fall, foreclosures rose, and even the lowest interest rates in 50 years seemed to have little positive effect on the property market. For U. S. real estate, 2010 was the year of failed government intervention where nothing... Continue Reading »

Loan Modifications: What You Need to Know

Last year was difficult for Adline Peck and her husband. Peck, who lives in Inkster, Mich. was battling medical issues, and her husband had been laid off from work. Though they struggled to make their monthly mortgage payments, they continued to try their best, even if it meant sending in payments a week or two late.... Continue Reading »

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