HAMP MODS SLOWING, OUTNUMBERED BY REJECTIONS AND CANCELATIONS

Last week, the special inspector general for the Troubled Asset Relief Program, released a report to Congress saying servicers are not doing all they can to help facilitate the process of keeping borrowers in their homes. To date there have been 1,025,907 homeowners rejected for HAMP modifications by the eight largest servicers, and there have been 572,655 canceled trial modifications, which typically occurs because of insufficient documentation, program ineligibility, or because the borrower missed payments.


http://www.dsnews.com/articles/servicer-participation-in-hamp-slowing-mods-outnumbered-by-rejections-and-cancelations-2011-02-01