The Special Inspector for the Troubled Asset Relief Program (TARP) recently announced that almost one-third of the homeowners who took advantage of the Home Affordable Modification Program (HAMP), the government’s main foreclosure prevention program, have defaulted on their mortgages for a second time. According to the Special Inspector, of the 1.2 million HAMP mortgage modifications set up since the program began, more than 306,000 borrowers have defaulted again. Additionally, another 88,000 appear to also be at risk.
The HAMP redefaults have occurred primarily with homeowners who 1) have been in the program awhile, 2) got the smallest reductions in their mortgages, or 3) were still “underwater” on their mortgages or had subprime credit scores and high debt when their mortgages were modified.
If you are interested in a mortgage loan modification, contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC. DeLadurantey Law Office, LLC focuses on Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy,” DeLadurantey Law Office, LLC serves the following location – Bayside, Brookfield, Cudahy, Franklin, Glendale, Greendale, Greenfield, Muskego, New Berlin, Oak Creek, Oconomowoc, Pewaukee, River Hills, South Milwaukee, St. Francis, Waukesha, Wauwatosa, West Alis, Whitefish Bay, and adjacent areas.