My interest rate remained the same at 6.78% I read somewhere where the interest rate on HAMP modifications will gradually reset 1% or less per year, until it matches the interest rate of the year in which the loan was modified. The interest rate in 2012 was something like 3.66%. What does this mean for my interest rate?
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Home / Daily Dose / Can HAMP Borrowers Absorb Higher Payments When Mods Reset?. through lowered interest rates and modified loan terms.. interest increases, re-default rates on HAMP mods.
Next year, more than 290,000 homeowners will see their rates reset. slightly higher. She says she is not a critic of the program. While it is not perfect, HAMP did help many families and it was the.
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HAMP was a response to the Housing Crisis, with a stated intent of saving 4 to 6 million homeowners from foreclosure. The main "vehicle" for saving homes would be through the use of loan modifications. The modifications would reduce the Interest Rates and Monthly Payments on loans facing foreclosure.
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