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HAMP suffers stiff resistance from US Banks

When the Home Affordable Mortgage Program was announced last year and after studying the features of the foreclosure mitigation plans of the Obama administration, experts voiced their concern that the program would at best slow down the foreclosure activity and would not bring forth avoidance of severe economic strain to the US economy. After a [...]

June 3, 2007

NATIONWIDE   Three Quarters of home owners under Loan Modification Plan have Negative Equity A latest report by government auditors has confessed that more than 75 percent of home owners, who went in for loan modifications and reduced monthly mortgage payments, owe more on their mortgage loan, than their homes are worth. Citing February statistics, [...]

Three Quarters of home owners under Loan Modification Plan have Negative Equity

A latest report by government auditors has confessed that more than 75 percent of home owners, who went in for loan modifications and reduced monthly mortgage payments, owe more on their mortgage loan, than their homes are worth. Citing February statistics, the report says over 50 percent of an estimated 170,000 distressed borrower-home owners are [...]