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Coral Springs Realtors |Short Sale Specialist Coral Springs, Parkland & Coconut Creek
WASHINGTON – Jan. 27, 2011 – A mortgage modification program aimed at saving homeowners from foreclosure has failed because regulators are “afraid to rein in or impose penalties on the mortgage servicers” whose record “has been nothing short of abysmal,” the program’s watchdog told Congress Wednesday.
As a result, some House Republicans moved to scrap the 2-year-old program.
Neil Barofsky, the special inspector general for the government’s bank bailouts, bluntly labeled the mortgage program a “failure” in testimony before the House oversight committee.
“And I think that if Treasury doesn’t respond to some of these things in a quick manner,” he said, the call to dismantle the Home Affordable Modification Program (HAMP) “is just going to become a louder and louder chorus, and understandably so.”
You may be on verge of missing your mortgage payments, behind on payments, or even facing foreclosure so what are your options? Try to look at the situation more from a financial standpoint rather than an emotional standpoint. This way you can more successfully analyze which option might best suit your needs and move you towards resolving your financial difficulty.
One very important thing to remember: Time is of the essence. Take time to think through your situation and make a decision. Then, take action right away so you have enough time to complete the solution you choose.
Nine options when facing Foreclosure
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