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.

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With the new incentives for mortgage refinancing and loan modifications coming into existence since Barack Obama signed off on the new rescue plans for homeowners facing difficulty with their mortgages in the wake of the finance industry’s near collapse,  it can be quite confusing as to what is what in the mortgage refinance world.

One thing you should know for sure is that there are differences between the mortgage refinancing program from Obama’s initiative “Making Home Affordable’  and an earlier initiative that came from George Bush  the ‘Hope for Homeowners’ program.

Hope for Homeowners Program

This program is administered by the Federal Housing Administration and its key features are as follows: (more…)