HAMP Falls Short, But Consumers Can
Still Save
Source:
Informa Research Services
(12/17/2010) In
a report issued this week, the Congressional Oversight Panel (COP) claimed that
the Home Affordable Modification Program (HAMP) fell incredibly short of the
Treasury Department’s expectations. Nonetheless, Informa Research Services
suggests consumers take the initiative to educate themselves on possible
opportunities to make their homes as affordable as possible.
According
to the COP report, even though HAMP was projected to prevent three to four
million foreclosures, it will only prevent about 700,000 to 800,000
(Source:http://cop.senate.gov/)
foreclosures. Furthermore, HAMP was expected to prevent 8 to 13 million
foreclosures by 2012.
Despite
the incentives offered by HAMP, the report claimed that the complications
involved in mortgages was not accounted for and thus are partially to blame for
HAMP’s shortcomings.
Regardless
of what safeguards the government puts in place to help struggling homeowners,
consumers should take the initiative to educate themselves on the home loan
process and opportunities to reduce their monthly mortgage payment. One way to
do this is to refinance their current home loan to one with a significantly lower
interest rate attached to it.
The
easiest way to locate the best
local rates with which to refinance a loan is to check online rate tables. These tables,
which are updated multiple times a day, typically feature lenders who offer
rates well below the national average.
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