Comments on: Home Affordable Modification Program (HAMP) Update

By: Angella

Angella — Tue, 13 Apr 2010 03:02:58 +0000

Correct, the govt actually came out with a program called HAFA, and BofA already promised to reduce principal up to 30%. But the catch is they homeowner have to qualify for it. We'll see how many actually do, since the HAMP program was so unsuccessful, that an average of 7% of those who applied actually modified a loan. Thanks for commenting, James. Angella

By: James Mucci

James Mucci — Tue, 13 Apr 2010 02:55:53 +0000

The government is now encouraging lenders to write down the balances for underwater home owners on the HAMP Program. The lenders are still not required to reduce the principal balances, but if the mortgage balances are higher than the current value the HAMP program may be enough of a push to get lenders to complete a principal reduction. James Mucci - MI Refinance Advisor .-= James Mucci´s last blog ..Wondering Why it’s So Hard to Get a HELOC? =-.

By: Monica

Monica — Tue, 22 Dec 2009 03:02:23 +0000

Hey Angella
This is a great update, thank you so much for the information. You are superb.