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You are right regarding the punishment. Regards the program, I personally thing is Good (not bad or excellent). For banks that know how to make it run like Indymac, Litton, LPBS, EMC, Chase (which I have great success with) the program is a great success. UNFORTUNATELY not all bank are like that, and most borrowers have no clue what to submit or how to follow up. I think it takes a lot of negligence and self interest as well. From the many clients I have had, (from homes of 90K to huge ones at 1.7MM ) there is one that spoke spanish and neither knew how to read or to write, but he was o top of eveyrhing (bringing correspondence, requesting status, informing himseld, etc... ) while there are business owenrs and professionals that get frustrated. BUT we can discuss this for years.
The bottom line -for me- is that the program is GOOD, but the problems are on the process, incentives and results of the modification itself. I believe all non profit agencies should be trained to submit complete packages for all this borrowers, so all lenders have complete packages, and prolong the validity of the provided financials. Also, a unique platform for submission is required (like equator or so), and uniform way for status as well. Finally, the 5 year fixed period, and after that going 1% up each year until it reaches the cap (usually at 4.5%) will bring tons of foreclosures again in 2014,2015 and 2016, so be prepared. This ill people hasn't been cured, and the HAMP pill will only last them 5 years, so we will see in 5 years! Good bless us.
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