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Hamp’s Re-default Rate Over 30%

Since the beginning of the governments Home Affordable Modification program, over a million homeowners have received permanent modifications , and over 30% have defaulted again based on numerous reasons, mainly the economy and their inability to afford the homes in the first place.

 

According to Sigtarp”the longer a homeowner remains in Hamp the more likely they are to default”. Most of these homeowners who fall back behind are able to receive a second or sometimes third proprietary one.

 

Among the eight largest servicers participating in the government program, Select Portfolio Servicing had the highest percentage of defaults followed by Ocwen, Bank of America and Nation Star.

 

Given the fact that homeowners who have received Hamp modifications to begin with suffered an economic hardship, these statistics are not surprising. If you’ve suffered a second or third hardship it is imperative that your lender receive a detailed an accurate submission for further assistance. You may even need to file for assistance through your state court system or consider bankruptcy or a short sale as a final option.

 

Help is available for those who have given up hope. Make sure you hire a law firm who specializes in foreclosure assistance and learn all your options before you throw in the towel.

 

Charles Fine , Esq

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