Government Triples Lender Incentives for HAMP Principal Reductions

By
Real Estate Sales Representative with Wizards of Waz Real Estate

Distressed homeowners in Maricopa Arizona may see some relief in the form of principal reductions. But don't hold your breath!

The Obama administration announced that they are making a few changes in the HAMP program. Among them is tripling the incentives they offer to investors that agree to reduce principal. In addition, they are allowing second motgages to be factored into the mortage payment to income ratio. Investors also may find some relief as rentals will also be allowed into the program.

How much these changes will actually help homeowners remains to be seen due the the ineffectiveness of the program in the first place. Since HAMP launched in March 2010, more than 900,000 permanent modifications have been conducted. The Treasury originally estimated the program to reach between 3 million to 4 million borrowers. As of Dec. 1, less than 1 million were estimated to be eligible for the program under past rules.\

Without a doubt, the Hamp program is not for everyone. But hopefully this is another step in the right direction towards it making a greater impact. I'll reserve my judgement.

Raed the full article http://bit.ly/yhUhBI

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
principal reduction
hamp
maricopa
arizona
affordable homes in arizona

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

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

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

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:

Show All Comments
Rainmaker
1,005,140
Michael J. Perry
RE/MAX Associates of Lancaster, PA. - Lancaster, PA
Lancaster Relo Specialist

Aren't the current stats on HAMP that it actually has helped less than 20% of the people it was created for ?

Jan 28, 2012 08:46 AM #1
Rainmaker
1,913,540
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the link. I will check out the post and will share it with others.

Jan 28, 2012 09:12 AM #2
Rainer
118,790
Bill "Waz" Wasowicz
Wizards of Waz Real Estate - Maricopa, AZ

I don't know the exact numbers but I've only been able to one HAFA (closing next week) after specializing in distressed listings for the last 4 years and listing and closing over 100. HAMP is somehting for my toolbox but that's about it!

Jan 28, 2012 10:14 AM #3
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

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

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

Show All Comments
Rainer
118,790

Bill "Waz" Wasowicz

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

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

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

Additional Information