The Home Affordable Modification Program (HAMP) was created pretty early on in the housing and economic crisis. It was created to help people stay in their home by making their payment more affordable. The effort was laudable. How could anyone not be in favor of keeping people in their home? What it doesn’t address, through no fault of its own, is whether or not the people want to stay in their home.
I have been thinking about “credit scores” in relation to the housing market and any kind of recovery we hope to see.
Everyone is touting 2K10 as the year of the short sale. I would agree that it seems to be heading in that direction. There are going to be hundreds of thousands of short sales. People who can’t pay on a loan even if modified to a 0% rate will be in this group.