Today’s Wall Street Journal reports what we’ve all known for quite a while….The HAMP program is an absurd joke and a dismal failure. Full article here.
So far, the 17-month-old effort has delivered a permanent fix to less than 15% of the borrowers the administration said it could ultimately help. Through June, roughly 398,000 of the nearly 1.3 million homeowners who entered the program had been granted permanent fixes. But more than 520,000 borrowers have fallen out of HAMP.
It is important that borrowers continue to document all contact with the lenders and their agents, judges increasingly want to know what the borrower has done to try and resolve the situation. Be prepared to show an accurate and detailed list of all communications with the lender to the judge as part of your arguments against foreclosure.
