The Home Affordable Modification Program, or HAMP, was introduced by the Obama Administration in 2009 as a lifeline for homeowners who were drowning. It was supposed to give some 4 million struggling homeowners the opportunity to hang on to their homes by offering them reduced monthly mortgages through loan modification.
But according to a new report on the program, that help didn’t come easy, if it ever came at all.
In fact, for most of the intended target borrowers, it was a nightmare that ultimately ended in foreclosure. The federal oversight report indicates that six years after the program was unveiled, only about 887,000 people received home loan modifications. That’s less than a quarter of what was promised when Americans were first informed of the program. Continue reading