A recent article in DS News reports that the government’s HAMP foreclosure prevention initiative stated that 616,839 HAMP trials were cancelled out of the 1,307,489 trials that were started when the program began.
This is definitely disappointing news considering the big push over the last year to keep homeowners in their homes in lieu of the foreclosure process. The article goes on to discuss some of the reasons for the cancellation of the trial programs and the different numbers in each group of reasons. The article can take you to the report that goes into great depth on the details of the program and what it has accomplished thus far. Some of the main reasons for falling out of a HAMP trial modification program can include insufficient documentation, trial plan payment default and borrowers who are ineligible as their income to debt ratio is well above the 31% guideline.
While there is no doubt that this is disappointing news, however the flip side of this is that short sales are becoming easier to process with the lenders. They are taking less time to review the offers, less time to obtain investor approval of the offers and in turn less time to approve the short sale offers.
Do not forget about my Foreclosure Prevention Seminar being held on August 31, 2010 at the Maplewood Community Center at 7:00pm. This is a great opportunity for one to come and learn about the different options available to homeowners that are currently struggling with their payments and want to plan ahead.
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