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Digital News Report - The US Treasury Department along with the Housing and Urban Development Department released the data for the month of April on the government home loan modification program called Home Affordable Modification Program (HAMP). There has been an increase of 68,000 more permanent modifications for the April 2010, bringing the number of conversions from the trial modifications to almost 300,000 permanent modifications since the beginning of the loan modification program. This was an increase of 13 percent in April of homeowners that have successfully completed the trial home loan modification and have moved into a permanent home loan modification.
Obama’s government home loan modification program helps to reduce monthly mortgage payments by refinancing existing loans to have a lower interest rate, a reduced monthly payment, and a loan forgiveness for homeowners that have lost equity on their home but yet still owe more than their home is worth.
Mortgage interest rates are still at historic lows which is around five percent. There is a reduction of foreclosure starts by 27 percent said the FHA Commissioner and HUD Assistant Secretary for Housing, David Stevens.
The HAMP loan modification officials have been working on ways to get qualified homeowners into permanent home loan modifications quickly and by holding a summit with participating mortgage lenders and government officials to improve the efficiency of the program. They are looking to begin the Second Lien Modification Program and Home Affordable Foreclosure Alternatives as soon as possible.
The Obama Administration officials in charge of HAMP will continue to find ways to hold mortgage loan companies that participate in the program accountable by providing timely and helpful assistance to homeowners that are seeking a home loan modification through the HAMP program.
To find out more about Obama’s government home loan modification program, HAMP, you can visit makinghomeaffordable.gov website.
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