Sep 30, 2011
HAMP modifications working in 80% of cases
30 Sep 2011
Posted by Andrew Kantor
Four out of five homeowners who had their mortgages modified under the Home Affordable Modification Program have kept their mortgages current, according to a Treasury Department report. HAMP is part of the Obama Administration’s Making Home Affordable initiative.
In fact, the report found that mortgages modified through HAMP “have generally performed better than other modifications implemented during the same periods.”
For example, of HAMP-modified mortgages from early 2010, 81.6% are still performing, compared to only 65.8% of modifications made privately.
Click here for the full report (big ol’ PDF).