HAMP adjusted mortgage rates set to expire: Earliest enrollees will see mortgage rates go up
By Nick DeMeester, GreenPath housing manager
CNN recently reported that the earliest enrollees in the government’s Home Affordable Modification Program (HAMP) will be seeing their mortgage rates increase shortly, that could result in more re-defaults in the next few years.
The HAMP program was launched in 2009. It was intended to help troubled borrowers by reducing the principal balance they owed or the monthly interest they paid. Some borrowers received interest rates as low as two percent.
The earliest borrowers in the program, where the modifications remained fixed for five years, will begin seeing their rates climb.
The CNN story quoted Treasury Department special inspector general Christy Romero. She said, "We're already seeing alarming re-default rates and are really worried that this could lead to more. It will be a real challenge for people to pay the higher amounts."
If you enrolled in the HAMP program and have questions, feel free to reach out to us at (800) 550-1961.
GreenPath’s housing advisors are experts at assisting people with their housing needs. Back in the 1960’s, we were one of the first organizations approved by the U.S. Department of Housing and Urban Development to conduct housing counseling.
Today, we offer the following housing counseling services:
- Foreclosure prevention for homeowners who are struggling with their mortgage payment
- Home buyer preparation assistance for people who are planning to buy a house
- Reverse mortgage counseling for seniors at least 62 years old who are considering a reverse mortgage
If you have a housing concern, let us help you understand your options and make an informed decision on how to achieve your financial goals.
GreenPath offers free housing counseling, with no obligation or sales pitch.
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