PMI Mortgage Insurance Company released a two-part video series devoted to explaining the Home Affordable Modification Program (HAMP). It’s a plan designed to help folks nearing a possible default (and eventual foreclosure) on their home mortgage. It allows for folks to work with their bank or mortgage company to modify the terms of their mortgage in such a way to hold off or delay any foreclosure action.
Some folks do, through no fault of their own, fall on tough times. This is the type of program that “can” help out in some situations from making the national foreclosure epidemic any worse. As with all programs of this sort there are certain restrictions and qualifications, some of which are discussed in the videos.
While I’ve never been a big fan of government programs, this is one I’m not quite against, at least unless I see evidence that it’s either not working or fraught with abuses.
(use the drop-down selector above to view Part 2)
While Dubuque has been mostly immune from the rash of foreclosures these last few years, I’m sure there are some folks who could benefit by HAMP, at least in the short-term until the national (and local) economy strengthens. As of today, there are only seventeen sheriff sales posted for pending foreclosures in Dubuque County, which is no higher than it’s typically been in the Dubuque area lately.