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.

3 Responses to Obama Adminstration's New HAMP Enhancement Program – Real Help for Homeowners

  1. Reply angelica says:

    out of 10 people I know 6 have lost there home and havig to forclose. How is this HAMP helping the housing industry?

    • Reply Ken Gross says:

      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.

  2. Reply Ken Gross says:

    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

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