St Louis Home Loan Mortgage and Principal Reduction Program: Is HAMP Dead
St Louis Mortgage and Real Estate News –
St Louis Refinancing and Loan Reduction News: HAMP May Finally Be Finished According To Housing Regulators
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Loan Modification
“It’s safe to say that HAMP isn’t meeting its goal of preventing foreclosures,” Representative Maxine Waters said at a House Financial Services subcommittee hearing after the Treasury provided a preview of a report by the U.S. Treasury Department.
According to the report, homeowners are dropping out of the Obama administration’s foreclosure
prevention program at a faster rate than they are joining it.
Bankers, housing regulators and members of Congress agreed on this much in the second congressional hearing on foreclosure problems. Basically, the system needs fixing as many principal reduction program specialists are saying.
Borrowers aided by the Home Affordable Modification Program (HAMP) grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report.
The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.
The Treasury and the Department of Housing and Urban Development issue monthly progress reports on HAMP, a $50 billion program authorized by Congress in 2009.
The program was targeted to reach more than 3 million homeowners by paying mortgage servicers $1,000 to rewrite loan terms and $1,000 annually as long as the borrower participates, up to three years.
The program has been faulted by lawmakers and watchdogs including Neil Barofsky, special inspector general for the Troubled Asset Relief Program, for the high number of recipients who default on mortgages after getting the government aid.
Banks seized more than 93,000 homes in October, according to Irvine, California-based data seller RealtyTrac Inc.
There were nearly 3.3 million foreclosure starts from September 2009 through September 2010, according to LPS Applied Analytics in Jacksonville, Florida.
Mortgage servicers say they are trying to balance the needs of borrowers and the demands of investors who own their loans.
“We’ve reached a crossroad between modification efforts now and the reality of foreclosure. Despite our best efforts and numerous programs, for some customers foreclosure will be unavoidable,” said Rebecca Mairone, default servicing executive for Bank of America Corp. home loans, at the House's hearing.
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When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.
Business Owners: Call us and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.
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