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Connecticut’s Emergency Mortgage Assistance Program (EMAP)

The Emergency Mortgage Assistance Program (EMAP) provides temporary monthly mortgage payment assistance for up to five years to eligible Connecticut homeowners who are facing foreclosure due to a financial hardship.  The EMAP loan is secured by a fixed-rate, subordinate mortgage on the homeowner’s residence yet is one that is both limited and requires repayment. However, [...]

Mediation’s Effect on Mortgage Modifications’ Success

On July 24th a report was released by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) that gave an update on the success rates of homeowners participating in the Home Affordable Modification Program (HAMP). HAMP is a federal government program designed to help homeowners impacted by financial hardship by modifying their monthly [...]

Many Loan Modifications Are In Default Again

Approximately 46% of homeowners who received loan modifications under the Treasury Department’s Troubled Asset Relief Program (TARP) in 2009 have defaulted again. According to a report by TARP’s special inspector, more than one-third of homeowners who received loan modifications under TARP have stopped paying.

The special inspector’s report found that the smaller the reduction in mortgage [...]

Latest U.S. Teaseury Dept. Study Shows 3.6 Billion Homeowners Have Been Offered Loan Modifications

The Obama Administration’s Making Home Affordable program may have gotten off to a slow start, but ever since the press started criticizing the program’s insipid results, things have improved quickly and dramatically.

According to data released by the U.S. Teaseury Department, when you add up the numbers of loan modifications being reported by the Hope Wow [...]