Underwater Mortgage Relief For Underwater Mortgage Debt Under HAMP Is Failing

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Are you seeking underwater mortgage relief for your underwater mortgage debt from HAMP?

According to the May 2010 SPEA Insights from Indiana University’s School of Public and Environmental Affairs, Professor Ashlyn Nelson says that HAMP is failing to give real mortgage relief for most people.

HAMP Helps Fewer Than 4% Of Borrowers

The Bailing Out Underwater Mortgages, May 2010 article states “The HAMP program has drawn criticism for its stringent eligibility restrictions; narrow reach, with some estimating the program assists fewer than 4 percent of borrowers who are more than 60 days delinquent; lengthy processing time; evidence of disparate impact, with white HAMP-eligible borrowers more likely to receive loan modifications than minority HAMP-eligible borrowers; and re-default rates of more than 50 percent among loans modified through HAMP and other loan servicer programs…” (my emphasis).

Will You Be One Of The Lucky 4% Who Gets HAMP Help?

With these kinds of statistics do you think that you’re going to get much underwater mortgage relief from HAMP?

Also Professor Nelson in the same article sites a New York Times op-ed, John Geanakoplos and Susan Koniak (2009) where “the federal government’s efforts to curtail foreclosures won’t work for underwater borrowers.” So much for underwater mortgage relief for those with underwater mortgage debt.

If HAMP Won’t Work, What Will?

Go to the private sector to get real help. Our Mortgage Debt Reset Program is designed to get you back to at least 100% financing with much lower monthly mortgage payments. Your payments will be about half of what you’re currently paying now.

If you can afford to make payments about half of what you’re making now, then our Mortgage Debt Reset Program will probably work for you. There’s no credit check to qualify.

To get the specific information you need to qualify for our Mortgage Debt Reset Program go to Find Out More About Our Mortgage Debt Reset Program and sign up to receive our free no obligation information package.