Banks Helping Homeowners more than HAMP?

In a recent report, it was discovered that banks have been doing nearly twice as many modifications as Obama’s new Home Affordable Modification Program (HAMP). That being said, it is important to take a closer look at the modifications being done. It is likely that the majority of bank modifications are not as good as the HAMP modifications which can lower the monthly payments to 31% of the pre-tax income.

Although banks have been doing more loans than the President’s HAMP program, they do give credit to the program for helping to set an industry standard for the loan modifications. That being said, one huge difference is that the banks modifications can vary widely from one person to the next and there is not very much information available about their offerings.