HAMP Home Affordable Mortgage Program Info
HAMP or Home Affordable Mortgage Program Information
For several years now we have been waiting for a government assist program that would allow homeowners who are upside down (owe more on home than the market value) on their mortgage to at Lease refinance to lower current rates. Unfortunately, the banker lobbyists would not allow the administration to mandate this type of relief if the amount of the mortgage exceeded 110% of of the market value. Frankly, they would make more money getting TARP contributions if they foreclosed, so not much incentive to take a long term rate hit.
With the Occupy Wall Street movement, the coming elections etc, talk has gotten serious again about creating a program that would allow homeowners who do pay make timely payments to refi their higher rate mortgage. Keep in touch with this governement web site To Get Information on HAMP or Home Affordable Mortgage Program for the latest developments.
On a related side note, check out this video about a passive way to protest and support the Occupy Wall Street Movement