Need Mortgage Refinance

The Home Affordable Modification Program (HAMP) appears to be working, the latest press releases are again showing that more home owners have been offered and accepted permanent modifications to the tune of around 116,000. This does not include a further 76,000 that have received offers and just need to sign on the dotted line.

The press release states that in January the number of permanent modifications nearly doubled over the previous month and that over one million trial modifications have started from a total of around 1.3 million that have been offered. Once the trial period is passed the loan modifications are then converted to a permanent arrangement so the number of permanent modifications is set to rise significantly, assuming people get through the trial period.

So, based on this information, the news coming from the Home Ownership Preservation Office is that the Home Affordable Modification Program (HAMP) is doing its job. Struggling families are getting the help they need, they are paying less each month for their mortgages and there are signs that the housing market is beginning to stabilize.

Of course HAMP is just one part of the stimulus package and it was further stated that with all the other initiatives being progressed i.e. support for lower mortgage rates, access to credit, tax credits for home buyers and so on, that more than 4 million have refinanced their home mortgages to more affordable levels. They also state that interest rates are at a record low and that home prices and home sales are on the rise again in an economy that is growing.

More than 940,000 home owners are said to have been helped by the Home Affordable Modification Program, although the average saving is now said to be around $500 per month, a little less than the previously quoted $550 average; but still pretty impressive all the same. As is the quoted figure of an aggregate saving of $2.2 billion. The overall program goal is said to be help for 3-4 million home owners and is considered to be on target given its finishing date of 31st Dec 2012.

Another point worth noting is that the required documentation for the (HAMP) has been streamlined making the process for applying a little easier. Also with more mortgage providers subscribing to the program it is stated approximately 89% of eligible mortgage debt outstanding is covered by the HAMP participating providers.

The other significant  part of the Make Home Affordable Progam is the Home Affordable Refinancing Program (HARP), however anyone thinking of applying for this program needs to be aware that it finishes in June of this year (2010).

You can get a copy of the full  Making Home Affordable Program report in .pdf format via this link.

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