Will Temporary Tampa Bay Mortgage Fixes ever be Permanent?

More than six months have passed since many homeowners with a Tampa Bay mortgage received a temporary home loan modification through the Home Affordable Modification Program (HAMP). They are still waiting to see if the modifications will be permanent. HAMP was instituted to help homeowners who were having problems keeping up with their payments. Tampa Bay mortgage holders are hoping they will soon hear some news on whether their temporary HAMP relief will be made permanent or not. The government is working on doing this.

In 2008 and 2009, the economic problems that the country was facing were very rough on homeowners everywhere including Tampa Bay mortgage holders. HAMP was one of the ways the government tried to help homeowners who were facing foreclosure.

The program offered banks and other Tampa Bay mortgage lenders as well as many others throughout the country financial incentives to modify mortgages rather than foreclosing on the home. When the lenders agreed to participate in HAMP they were required to review the borrower’s qualifications for a modification of their loan before foreclosing.

Many of the loan modifications that were approved by the lenders were temporary. The lenders gave some homeowners a three month period to see if both the lender and the homeowner would benefit. Although HAMP was actually intended to be a permanent solution, now the lenders have not followed up on making the solution permanent.

Whether it is a failure or a refusal to make the modifications permanent for Tampa Bay mortgage holders, the government has had to take action to bring the lenders to task. They have sent representatives to many lending institutions to see what they could do to help make the process move more smoothly.

They have asked executives to come to Washington to meet with officials so they can realize the need for making the solutions permanent. They have asked for information on modifications that did not work. Now they are prepared to fine mortgage companies that are not in compliance with the program.

For Tampa Bay mortgage holders the future is uncertain and they are not sure where to turn. Often their real estate agent can answer many questions for them or tell them where to go for help. If you are having problems finding out whether the relief you received under the HAMP program will be made permanent or not, contact the mortgage holder and get the answers to your questions.

For more information about homeowner assistance programs, please visit our “Find A Local Counselor” page, complete the form and we’ll be happy to assist you further.