Is HAMP Working? Is That Even a Question????
I’ve attached an article where the a Congressional Oversight Panel has stated that they are underwhelmed at the progress of the HAMP program. I don’t know about all of you Rainmakers out there, but my experience with it has been less than inspiring. I only know of three people that have been successful with it and two of them decided to short sell within a year after. In fact, the article even states that a 40% default rate is expected.
I’d like to get some input from some of you as I have found myself in a quandry when consulting with homeowners. Obviously I need to point out the fact that HAMP and HAFA (another less than inspiring program) are options for them. In fact, many of the clients I have talked to are more excited about not having to pay their mortgage for a year or more while the lenders are processing their request than they are aboput actually getting in the program. How are all of you handling this?
Is it just me or does this seem like a waste of billions of taxpayer dollars????
