Wednesday, April 6, 2011

Why Not Home Affordable Modification Program?

Last year, when the government rolled out the new program called Home Affordable Modification Program, people start to feel secure because finally they have something to fight against the foreclosure. The HAMP is just like an angel or an answered prayer. No wonder people rush through it and apply for the hope that this can help them get out of the claws of the foreclosure.
But after several months of trialing the program, people found out that this is not really an absolute solution to the problem of the foreclosure. There are about 700,000 people who applied for the HAMP but only 30,000 cross the board from trial mode to permanent modification. Because of this, the Home Affordable Modification program has been plagued with complaints from people.

When we say permanent modification, it sounds good and positive. You are just like using the maximum potential of HAMP to help you out of the problem. But permanent modification is not actually permanent after all. This is not an absolute solution because this is just a delaying tactics. Delaying foreclosure could be helpful but it will never kill and totally defeat the culprit. So after few years, you may need to face the reality again.
If you are in the trial modification stage, paying for the program is not worth it at all. You may be denied or you may be rejected along the way and what you paid to trial this out will end up quits. So instead of paying for the trial modification, you could have used the money somewhere else that could help alleviate your situation.
So you see, the government has exerted an extra effort to at least suit the needs of the people. But this effort could have been better if carefully planned. Home Affordable Modification Program could be an epic if the objective, the goals and the plans are all sincere and strive to help those people who need help in times of foreclosure.

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