Does the Treasury realize the scheming servicers’ have patented and trademarked software programs designed specifically to default homeowners in modification? Let’s see force-placed insurance, bogus foreclosure fees that are added to the back end and billed in the front…? Oh, of course they do!
Approximately one million homeowners whose mortgage has already been modified under the Home Affordable Modification Program are now eligible for increased benefits as the government continues its push to aid struggling homeowners.
Under the modified HAMP guidelines, announced Thursday in a joint statement by the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development, all homeowners in the HAMP program will now be eligible to earn an additional $5,000 in the sixth year of their modification.
Prior to the change, homeowners in the HAMP program were eligible to earn up to $5,000 over the first five years of their modification, which is applied in repayment of their outstanding principal balance.
The newly established guidelines will provide an additional $5,000 to borrowers in the sixth year, which will allow borrowers to reduce their outstanding principal balance by as much as $10,000.