Obama Adminstration's New HAMP Enhancement Program – Real Help for Homeowners
Making Home Affordable Program Enhancements” (HAMP Enhancement Program) announced by the Administration yesterday ….(March 26, 2010) has many components. Relief from mortgage payments for 3 to 6 months for those unemployed, Principal Reductions for homes underwater if you meet the criteria, short sale help, foreclosure delay and relocation assistance as well. How they will administer such a massive program is a big, big question. For the details so far go to New HAMP Enhancement Program
To review the program components of the new FHA Refinance Program also announced on March 26, 2010, go to FHA Refinance Fact Sheet.
Nice writing style. I look forward to reading more in the future.
out of 10 people I know 6 have lost there home and havig to forclose. How is this HAMP helping the housing industry?
Angelica – HAMP is helping but the success rate is limited. In a nutshell, if you take your gross monthly income and multiply it by 31% – that is the amount you should be able to reduce your monthly mortgage payment to – principal, interest, taxes, insurance and condo association dues (if applicable). If, however, your income is too high – HAMP does not work, and if your income is too low that even with the reduced payment, it does not show you can meet your obligations, then the lender does not have to approve. Keep in mind, there are other alternatives and my best advise is that people need to explore then in detail before the property goes to sale.
Tony – Sorry i never saw this. Was cleaning up site and noticed it. Yes – I’d be interested in exchanging blog roll links. Let me know the mechanics. Regards, Ken