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One in three homeowners fail to make their HAMP payments

One in three homeowners in three-month trial loan modifications fail to make payments under the government’s Home Affordable Modification Program

This is according testimony made by Molly Sheehan, senior v.p. of housing policy at the lending division of JPMorgan Chase.

Testifying before the House Financial Services Committee earlier this week, Allison said of those that do make payments, 20% do not submit all required documentation before the end of the trial period.

Herbert Allison, assistant Treasury secretary for financial stability, testified that more than two-thirds of those trial modifications will convert to permanent workouts by the end of the year.

Mike Rockwood has modified five of his own loans, including his personal residence and investment property. He has created a top-notch workbook to walk you through the steps of fighting to get the best terms on your loan modification.

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Homeowners – Need Some Sound Advice?

Get Out of Debt Workbook
Seasoned debt expert shares several little known but highly effective techniques guaranteed to get you out of debt fast – no matter how much you currently owe.
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Get more help on fighting to stop a foreclosure with one of 7 options. For example, if a loan modification is not an option learn about a little-known government program that will stop a foreclosure in less than a day without an expensive attorney.

Also get the latest foreclosure news around the country, read Q&As and other resources.

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If you are visiting this blog, you likely have mortgage lates, which are a big blemish on your credit report. Once you resolve your mortgage situation, you can legally remove those mortgage lates and all derogatory credit from your report without having to hire an expensive attorney or credit repair service.

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Related posts:

  1. 14-percent of Wells Fargo trial modification customers fail to make all three payments
  2. HAMP trial loan modifications set people up to fail says housing counselor
  3. One in every 7.5 properties is behind on payments or in foreclosure
  4. Homeowners left stranded by government’s HAMP

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