Government Modification Programs Fall Far Behind

Is the HAMP program meeting its goals?

The HAMP program that is offered by the government has much work to do if it wants to meet its end of the bargain.  The initial promise was to help 4 million homeowners get out of a situation where they might get foreclosed on.  Unfortunately we are very far off from meeting that goal; in July the HAMP program completed 36,695 modifications, while private mortgage programs completed over 120,000.  Why are homeowners turning to private programs as oppose to the government program offered?

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In this year so far, with combined efforts from government and private programs, a completion of 1.13 million modifications have gone through.  This is not including those thousands who have been terminated from the program.  We are not on track to hit that 4 million wishful number.  Any suggestions?

Housing Assist Coldwellbanker