Only 170,000 Permanent Loans Under HAMP

By
Real Estate Agent with Highland Realty

The HAMP program issued one bit of good news: permanent loan mods were up 45% in January. The bad news is, this is just a miniscule amount of the 1.8 million homeowners who are behind in their payments in the U.S.

The total HAMP permanent loans processed during the month of January Were 170,000 according to the Treasury Department.

There are nearly another 92,000 awaiting the homeowner’s signature to move from trial to permanent loan.

Lenders have sent offers to 1.3 million homeowners to start the program, which is less than the government’s goal of reaching out to 3 to 4 million homeowners in potential trouble. The government has until 2012 to reach this goal.

There is still a lot of finger-pointing going on between loan processors and homeowners. Processors claim the problem is in incomplete paperwork. The federal government is patching this loophole starting June 1 by requiring all necessary paperwork to be submitted before a trial loan modification can be started.

Still, by government calculations $2.7 billion has already been saved by approximately 1 million borrowers who have received trial or permanent loan modifications, an average of $500 per borrower.

The five lenders that have completed the largest number of loan modifications—Wells Fargo, Bank of America, JP Morgan Chase, Citi Mortgage and GMAC. Wells Fargo is leading the pack.

 

Dave Rosenmarkle

Broker/Owner

Highland Realty

Arlington, VA  22207

703-538-2566

davidrose@mris.com

www.HighlandAgents.com

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Rainmaker
1,500,342
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Short Sale - CDPE, REDS

  While it is a step...it is not the giant step that homeowners are holding out hope to achieve...let's hope that the baby steps become giant steps with more experience by more lenders.

Mar 24, 2010 06:25 AM #1
Rainmaker
2,172,297
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

The program is not working and it may be best just to stop it now and come up with better ideas.

Mar 24, 2010 06:47 AM #2
Rainer
217,903
Stephen Arnold
HomeSmart International - Scottsdale, AZ
CRS, GRI, SFR

The program is a joke!  Most people get a small taste of dealing with the banks and give up! 

Mar 24, 2010 08:48 AM #3
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Rainmaker
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Dave Rosenmarkle

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