The Treasury Department requires mortgage servicers to provide a notice of the rate resets four months in advance and to send a second notice about 60 to 75 days from the first increase.
The HAMP resets “could be very problematic for homeowners,” said Matt Weidner, an area foreclosure defense attorney.
But Weidner, for one, believes the HAMP program was successful at what it intended to do.
“It was a slush fund for the banks, but it worked,” he said. “What happens going forward? I don’t know, but that wasn’t the question when these were developed.
“Even if more foreclosures do come now, it got us through the crisis.”
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