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HAMP Brought to the Rescue Again

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HAMP - The Home Affordable Modification Program


This is a summary of the recent changes made to The Home Affordable Modification Program, or HAMP.  Although it’s really not directly related to rental property investing, it’s a good topic to keep on top of because it directly impacts the foreclosure and short sale process.

The Home Affordable Modification Program, or HAMP, has been President Obama’s answer to the prevailing housing crisis in the United States. While the program so far has not fared as well as he might have hoped, he is not quite ready to give up on it just yet.

The Obama administration has decided to increase the debt cutoff associated with the initiative to include homeowners with higher debt loads than before. They are also pushing banks to play a responsible role by increasing incentives threefold for institutions willing to cut down the principals on the housing loans owed to them. The scope of the incentive plan has also been widened to increase Freddie Mae and Freddie Mac along with private lenders and banks, and it will now end in December 2013, as opposed to the end of 2012.

Critics of the program believe that the administration is trying too hard to address too much, while others are hopeful that it will help in reaching out to more distressed homeowners. The government does not see these changes having any impact on budgets since the bulk of the original funds allocated to the HAMP program remain unutilized.

For more information on the current state of the Home Affordable Modification Program, or HAMP, check out this detailed synopsis from CNN Money.

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