Treasury Report Highlights HAMP Success
Almost 23,000 permanent loan modifications took place under the Home Affordable Modification Program (HAMP) in November 2013 according to a recent Treasury report. Through this program, struggling homeowners can attain and benefit from a lower mortgage payment – the median monthly decrease is $546 a month (a 40% percent decrease). Overall, the HAMP program has facilitated over 922,000 modifications and saved the government over $24.2 billion. The report also highlights the success of the Second Lien Modification Program (2MP), through which more than 123,000 people have achieved modifications and are saving about $153 a month on second lien mortgage payments.
SOURCE: DS News