In March of 2009, the US Treasury Department launched HAMP – Home Affordable Modification Program.  $75 billion was set aside to help homeowners that were behind on their payments get lower and more affordable monthly payments.

At the time, this seemed like the silver bullet needed to stem the ebbing tide of homeowners facing foreclosure in record numbers.  Approximately 1.3 million homeowners signed up for the chance to receive the permanent loan modifications. 

As of July 2010, only 434,716 applicants received the mortgage relief.  The Obama administration has set 3 to 4 million loan modifications as their goal through 2012.

Ed Byington is a Idaho realtor specializing in Idaho investment property.

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