The Home Affordable Mortgage Program (HAMP), the $75 billion federal program intended to help homeowners at risk of foreclosure by lowering their monthly mortgage payments, is showing increased signs of ineffectiveness, with nearly half of all participants dropping out of the program according to RealtyTrac, Inc. According to the Treasury departments July numbers, of the approximately 1.3 million homeowners who sought relief by enrolling in the program, 630,000 of them have been "cut loose" from the program. That 630,000 who fell out of the program is a higher number, 421,804, than homeowners who have received a permanent modification via the HAMP program.
More than 100 mortgage companies are participating in the program but foreclosure rates and home repossessions continue to climb. Historically, lenders have taken over roughly 100,000 homes per year but lenders are forecast to repossess over 1 million homes in 2010 with the number of foreclosures and short sales predicted to increase to 1.5 million in 2011. Foreclosures and distressed home sales have crippled the housing industry by driving down home values which is discouraging potential sellers from putting their homes up for sale.
If you are one of the thousands of Floridians facing a Florida Foreclosure Lawsuit, there may be foreclosure options available to you. Contact a Florida Foreclosure Lawyer today to review your case and determine what defenses may be available to you.
