HOME SHOPPING

Reports hit today (June 21, 2010) that more than 33% of the 1.24Million borrowers who have enrolled in HAMP (the Federal Gvt’s Home Affordable Modification Program) have been forced to leave the process since the program launched in March 2009. Many (70%) of those dismissed or forced to drop out for the most recent month were under a mortgage trial for 6 months or longer. Lack of income, high debt burdens and lack of proof of income all appear to contribute to the decline in participation in the program.