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I think the HAMP & HAFA program are a huge joke and WASTE of taxpayer funds. I am appalled that so much money has been thrown at this problem to "help the homeowner" and really, very few homeowner's have been helped. I say they should do a MASSIVE investigation and FOLLOW the MONEY~ Where has it all gone? How many bogus companies have been created to "help" the homeowners. It's more like a bunch of money grubbing people have found yet another way to stand at the public trough and get fed. The banks and the government, look for every way possible to cut commissions and restrain "free-trade".
Unfortunately, it appears that HAMP has been roundly used as an excuse to squeeze extra funds from homeowners during the 'Hamp Trial Period,' by participating lenders, rather than utilized to help more homeowners make their homes more affordable.
Even without requesting it, homeowners discovered they qualified for the Hamp Trial Mod program and were told they had to make the trial payments. Consistently, even though many homeowners didn't miss a single agreed upon payment, during the Hamp Trial Period, the permanent HAMP modification is eventually denied and the foreclosure continues.
Then if they try to do a HAFA short sale, those are often denied as well - or the amount requested by the lender (the Pre-Approved Amount) is so high, it's clear they aren't serious about doing a Short Sale.
I think it's good that this program is getting some attention.
Whether it ends or not, a serious investigation would be interesting (albeit probably just another waste of taxpayer funds.)
It seems that the good intentions by the government, embodied by the Making Homes Affordable progams in all it's variations, has really failed mainly because it was built without bite - just a list of recommendations, guidelines and modest financial incentives that don't really out-do the creative alternatives cooked up by the Default Servicing community.
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