HAMP program cutting interest rates for many

The Home Affordable Modification Program (HAMP) helps homeowners whose mortgage exceeds the market value of their home. It allows them to get lower interest rates; and, after a lot of resistance from the banks, it seems to be working.

”December’s Making Home Affordable (MHA) report shows that nearly 1.3 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP) and the program has saved homeowners an estimated $24.2 billion to date in mortgage payments,” said Treasury Acting Assistant Tim Bowler.

If you have an underwater mortgage, you should be looking into this. It could save you a lot of money. You can check to see if you qualify at the Making Home Affordable site set up by the Federal Government.

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