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Obama’s Loan Modification Program a Bust So Far – Less than 1% of Applicants Get Relief

January 26, 2010

Daily Real Estate Updates

sudler-sothebys-logo26 January 2010 ? Last year in February of 2009, President Obama signed the Home Affordable Modification Program or HAMP into law. HAMP was designed to help millions of people facing foreclosure by encouraging loan modifications among lenders. The Treasury Department was to spend $75 billion for these loan modifications. So far 760,000 mortgage holders have been applied for modifications, but only 31,000 homeowners, or less than 1%, have been successful. With that said, the Center for Responsible Lending has estimated over 5-million homes have been foreclosed since 2007. They estimate that another 13-million homes could fall into foreclosure within the next five years. With loan modifications not seeming to work, it is no surprise that these numbers are so grim.

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About Katie Anderson

Katie Anderson is a respected and successful broker at Sudler Sotheby's Realty as well as a certified appraiser. She specializes in representing clients who purchase and sell condominiums, town homes, single-family homes and income property in the Chicago land area. In her small amount time in the real estate game (she became an agent in 2003) she has assisted in excess of 400 deals and over $200 million in sales and continues to use her skills as a certified appraiser. Katie resides in Chicago's Bucktown neighborhood with her loving husband and 4-year-old-daughter, where she spends much of her spare time with her family and friends. You can contact her at katie@thechicago77.com or at andersonbraack.com

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2 Responses to “Obama’s Loan Modification Program a Bust So Far – Less than 1% of Applicants Get Relief”

  1. Tim Manni Says:
    January 27, 2010 at 12:42 pm

    Hey Katie,

    This is Tim Manni from blog.hsh.com. I just wanted to say thanks for the link!

    Any thoughts on what this supposed “new phase” of the loan mod program will be?

    Thanks,
    Tim

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