HAMP Hits 600k Loan Mods
HAMP Hits 600k Loan Mods
HAMP Hits 600k Loan Mods
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March 8, 2011 (Shirley Allen)
mortgage-train-image
What was first perceived as a Mack truck barreling down the foreclosure highway, the government’s Home Affordable Modification Program (HAMP) has turned out to be the little train that could. Originally forecast to save between 7 and 8 million homeowners from foreclosure, later reduced to 3 to 4 million, HAMP has now surpassed 600k permanent loan modifications and is expected to end with about 1.3 million loans modified when the program expires December 31, 2012.

The Treasury Department reports that HAMP has been running fairly steady over the past six months, with roughly equal numbers of trial modifications begun and permanent modifications granted. New trial modifications have been averaging about 27,000 a month, while those graduating to permanent modifications have been running around 29,000.

That is a far cry from a year ago when as many as 150,000 borrowers a month overwhelmed the program. However in the spring of last year, the Treasury Department announced new rules which required a stronger proof of eligibility before borrowers could begin trial modifications.

The lower volume of applications allowed mortgage servicers to gradually work their way through the backlog of existing trial modifications, of which approximately 44 percent eventually moved on to permanent modifications.

According to the January performance report, there are currently about 145,000 trials underway. January itself was almost right on the previous six months average with 27,000 new trial modifications begun and roughly 28,000 permanent modifications granted.

At that rate, approximately 1.3 million permanent modifications, or about one-third of what was predicted, will be completed. However, HAMP is one of the programs on the House Republicans chopping block and it is not clear if it will survive.

Tags: HAMP, loan modification, mortgage servicers, trial modifications, permanent modifications

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

March 8, 2011 (Shirley Allen)
mortgage-train-image
What was first perceived as a Mack truck barreling down the foreclosure highway, the government’s Home Affordable Modification Program (HAMP) has turned out to be the little train that could. Originally forecast to save between 7 and 8 million homeowners from foreclosure, later reduced to 3 to 4 million, HAMP has now surpassed 600k permanent loan modifications and is expected to end with about 1.3 million loans modified when the program expires December 31, 2012.

The Treasury Department reports that HAMP has been running fairly steady over the past six months, with roughly equal numbers of trial modifications begun and permanent modifications granted. New trial modifications have been averaging about 27,000 a month, while those graduating to permanent modifications have been running around 29,000.

That is a far cry from a year ago when as many as 150,000 borrowers a month overwhelmed the program. However in the spring of last year, the Treasury Department announced new rules which required a stronger proof of eligibility before borrowers could begin trial modifications.

The lower volume of applications allowed mortgage servicers to gradually work their way through the backlog of existing trial modifications, of which approximately 44 percent eventually moved on to permanent modifications.

According to the January performance report, there are currently about 145,000 trials underway. January itself was almost right on the previous six months average with 27,000 new trial modifications begun and roughly 28,000 permanent modifications granted.

At that rate, approximately 1.3 million permanent modifications, or about one-third of what was predicted, will be completed. However, HAMP is one of the programs on the House Republicans chopping block and it is not clear if it will survive.

Tags: HAMP, loan modification, mortgage servicers, trial modifications, permanent modifications

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 8, 2011 (Shirley Allen)
mortgage-train-image
What was first perceived as a Mack truck barreling down the foreclosure highway, the government’s Home Affordable Modification Program (HAMP) has turned out to be the little train that could. Originally forecast to save between 7 and 8 million homeowners from foreclosure, later reduced to 3 to 4 million, HAMP has now surpassed 600k permanent loan modifications and is expected to end with about 1.3 million loans modified when the program expires December 31, 2012.

The Treasury Department reports that HAMP has been running fairly steady over the past six months, with roughly equal numbers of trial modifications begun and permanent modifications granted. New trial modifications have been averaging about 27,000 a month, while those graduating to permanent modifications have been running around 29,000.

That is a far cry from a year ago when as many as 150,000 borrowers a month overwhelmed the program. However in the spring of last year, the Treasury Department announced new rules which required a stronger proof of eligibility before borrowers could begin trial modifications.

The lower volume of applications allowed mortgage servicers to gradually work their way through the backlog of existing trial modifications, of which approximately 44 percent eventually moved on to permanent modifications.

According to the January performance report, there are currently about 145,000 trials underway. January itself was almost right on the previous six months average with 27,000 new trial modifications begun and roughly 28,000 permanent modifications granted.

At that rate, approximately 1.3 million permanent modifications, or about one-third of what was predicted, will be completed. However, HAMP is one of the programs on the House Republicans chopping block and it is not clear if it will survive.

Tags: HAMP, loan modification, mortgage servicers, trial modifications, permanent modifications

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.