Sarasota Real Estate Market News

Fewer get modified mortgage

WASHINGTON – Oct. 26, 2010 – The number of struggling homeowners who cut their mortgage payments in September through an Obama administration initiative fell to its lowest level in nearly a year, increasing debate about the program’s effectiveness.

Nearly 28,000 homeowners reached agreements with mortgage servicers last month to permanently modify mortgages under the Home Affordable Modification Program (HAMP), a government report Monday shows. That’s down from the record 68,000 modifications in April and the lowest number since November, shortly after HAMP launched.

“HAMP has been to date a disappointment,” said Moody Analytics’ chief economist Mark Zandi, adding that it is “set to fall well short of expectations.”

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Fewer get modified mortgage

FYI, If you don’t qualify for HAMP there are other options.

October 26, 2010 - Posted by | News related to Short Sales and Foreclosures

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