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

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Tags:
hamp
hamp modifications
hamp workouts
mortgage
buyer
seller
real estate

Comments 3 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,342,640
Sally K. & David L. Hanson
WI Realtors - Luxury - Short Sale - CDPE, REDS
Keller Williams 414-525-0563

  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.

March 24, 2010 06:25 AM
Rainmaker
1,885,427
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

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

March 24, 2010 06:47 AM
Rainer
202,428
Stephen Arnold
CRS, GRI, SFR
HomeSmart International

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

March 24, 2010 08:48 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
164,193

Dave Rosenmarkle

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the chair to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: