We understand HAMP, do you?

Has the US government attempt to help homeowners stop foreclosure and keep their homes failed? A government auditor that has been reviewing the foreclosure relief program said “YES”.

The program that was designed to help homeowners reschedule mortgage rates instead of losing their homes to banks, has fallen short and could be considered a waste of $29-billion, of the government’s Troubled Assets Relief Programs money.

The Home Affordable Modification Program (HAMP) also known as the Obama plan, is the backbone of the government’s $700 billion economic bailout plan for the financial sector and important industries including homeowners.

TARP has been accused of failing to realize its Main Street goal, of preserving homeownership has been a disappointment based on the goals that were set.

The HAMP program has been accused of poor design and administration which has not gotten to the root of the problems it was designed. The foreclosure numbers are up from 2.8 million foreclosure filings to 2.9 million homes this year.

There have been 238,000 loan modifications processed and the goal and promises said this program will help 2 million homeowners stay in their homes. There were only 18,000 home loans modified in the last quarter of 2010, that is a drop of 35 percentfrom the previous quarter.

The problems with HAMP have gone unnoticed and the promises and expectations set have fallen short and they are not changing. If you are facing foreclosure we can help you because we understand the rules and know how to get you qualified for a loan modification. Contact us today for a free no obligation consultation.