Congress Threatens To Withhold Critical HAMP Protection from Homeowners

Some lawmakers want to eliminate the Home Affordable Modification Program and the protections it provides for homeowners in danger of foreclosure.

2011-05-22

May 22, 2011 (Press-News.org) Since it began in 2009, the Home Affordable Modification Program has given over half a million Americans a realistic chance to hold on to their homes. Now, new legislation in the House of Representatives could put an end to the program and leave thousands of families out in the cold.

Home Affordable Modification Program

HAMP was created to give relief to Americans in danger of losing their homes through foreclosure by providing an avenue for mortgage modification. Currently, around 30,000 homeowners take advantage of HAMP loan modification every month.

HAMP has strict eligibility standards. But for those who qualify, a number of steps can be taken to lower homeowners' monthly mortgage payments to no more than 31 percent of their income; a mortgage's interest rate may be reduced, the loan term may be extended or interest may be deferred on a portion of the principle.

As a taxpayer-funded program, safeguards were built into HAMP to protect public funds. For example, a mortgage holder must show that he or she can make modified payments on time for a trial period before the modification becomes permanent and HAMP funds are expended.

Much-Needed Assistance

There are indications that this program is working. In fact, people receiving other types of mortgage modifications are twice as likely to default at six months when compared to HAMP participants. In addition, more than 80 percent of all HAMP participants have remained in their homes for at least one year after starting the program.

While signs of economic recovery are on the horizon, terminating HAMP now would leave struggling homeowners where they were before HAMP with very real risks of losing their homes. In depressed housing markets hit hard by the foreclosure crisis, eliminating HAMP could cause unnecessary setbacks and prevent homeowners from getting back on their feet.

If you are struggling to make mortgage payments, contact an attorney with experience in stopping home foreclosure. Participating in HAMP is not the only option for keeping your home, and a lawyer can help you determine which option will work best for you.

Article provided by Law Offices of Robert L Firth
Visit us at www.firthlaw.com

ELSE PRESS RELEASES FROM THIS DATE:

NASA sees Tropical Storm 04W's thunderstorms grow quickly

2011-05-22

Tropical Storm 04W formed from the low pressure System 98W this morning in the northwestern Pacific. NASA's Tropical Rainfall Measuring Mission (TRMM) satellite watched the towering thunderstorms in the center of the tropical storm grow to almost 10 miles (16 km) high as it powered up quickly. At 1500 UTC (11 a.m. EDT) on May 20, Tropical Storm 04W (TS04W) was located 180 miles (290 km) east-southeast of Yap near 8.3 North and 141.9 East. It had maximum sustained winds near 35 knots (40 mph/65 kmh). On its west-northwest track it is already generating rough seas, with ...

Doctors: Too Dependent on Medical Technology?

2011-05-22

A physician in a recent New York Times article lamented the current lack of more intimate doctor-patient relationships, and their replacement by technology-driven diagnoses. Our medical facilities might have the latest imaging devices and computer programs, but the human element is sometimes lost, and patients may be suffering as a result. American hospitals and physicians are among the best in the world, and patient care and safety has always been a priority. Medical students and interns are trained on the newest advances in diagnosing illnesses with the latest technology ...

2-year results: Artificial disc a viable alternative to fusion for 2-level disc disease

2011-05-22

LOS ANGELES (May 20, 2011) – When two adjacent discs in the low back wear out, become compressed and cause unmanageable pain, numbness or other symptoms, replacement with artificial discs can be a viable alternative to standard fusion surgery, based on two-year post-surgery data from a randomized, multicenter trial recently published in the Journal of Bone and Joint Surgery. Previous studies have compared single-disc replacement with fusion but this is believed the first to evaluate the two forms of treatment for two contiguous discs, said Rick B. Delamarter, MD, vice ...

Misdiagnosis Costs Sauk Village Man His Life

2011-05-22

Late Thursday afternoon, May 12, 2011, local attorney David S. Jasmer announced that a Cook County jury awarded $3,767,792 for the wrongful death of a 35 year-old Sauk Village man, Michael Hamilton, who died in 2001. He was a supervisor at Behr Process Corp. in Chicago Heights and fell extremely ill at work on May 15, 2001. He left a 12 year-old daughter and his mother, who brought the suit on behalf of her granddaughter. The case involved a missed diagnosis of aortic dissection. Aortic dissection is a life-threatening illness that is treatable but needs to be diagnosed ...

'The Potential to Modify the Course of Parkinson's Disease'

2011-05-22

Washington, DC – Georgetown University Medical Center's Howard J. Federoff, MD, PhD, joins preeminent scientists from academia, government, and industry along with advocates, at the "One Mind for Research Forum," a three-day conference designed to dramatically advance the understanding and treatment of brain disorders. By uniting a broad coalition, conference organizers will endorse a bold new 10-year research agenda for the field of neuroscience. During the forum, May 23rd through May 25th in Boston, leading scientists will share the latest research on debilitating ...

Thistle Hotels Crown Social Restaurant Wins Two AA Rosettes

2011-05-22

Thistle Hotels has announced that just two months from its opening, the Crown Social restaurant at The Parc by Thistle in Cardiff has been awarded two prestigious AA rosettes by the association's independent restaurant inspectors. The contemporary, restaurant in Cardiff; a joint venture between Thistle Hotels and Crown Hotels & Restaurants, is headed up by former Michelin-accredited celebrity chef Martin Blunos. Both Martin and his team, including sous chef Lance Keirle, were praised by the AA inspector for their 'fine cooking' and were awarded a standout score of ...

Standard Life Reveals That One in Six Don't Plan Their Future Finances

2011-05-22

Standard Life has found that people in the UK live for the moment rather than the long term, with more than one in six (17%) failing to plan their finances at all, according to recent research from the savings and investments company. The research, which looks into the UK's fascination with living for now, finds that almost half of Brits (45%) only plan their finances just a year ahead, or less, with only a fifth of them (22%) planning up to five years into the future. Alarmingly, only one in six people (16%) plan more than six years ahead which underlines the real necessity ...

Hays plc Calls for G20 Action on Global Jobs Creation

2011-05-22

Hays plc, the global specialist recruiting firm, has called on governments and industries across the world to take joined-up action to tackle the looming threat of increased global unemployment as the world's working population is set to increase dramatically. With many countries already at record levels of unemployment, co-ordinated action needs to be taken now to avert future labour crises as significantly more people are set to join the global labour force. To this end Hays has developed a Five Point Plan. Hays, which placed more than 230,000 people in work across ...

Standard Life Reveals Brits Think They Cannot Live on GBP140 a Week

2011-05-22

Standard Life's new research* has revealed that almost two out of three people (63%) think they could not live on GBP140 a week in retirement, rising to 72% for the 55 and over's. Only 17% of the 55 and over's think they could live on GBP140 a week. The Government has recently proposed a single-tier flat-rate state pension worth around GBP140 a week, and are currently consulting on how this might be introduced in 2015 at the earliest. John Lawson, head of pensions policy at Standard Life said: "The introduction of state pensions of GBP140 a week for all is to be ...

Feature Film 'The Hunger Games' Begins Filming in North Carolina, Extras Casting Notices are Ongoing

2011-05-22

Principal photography on "The Hunger Games" began on May 19, 2011. According the the Screen Actors Guild, shooting will continue through September 3, 2011. Locations include the North Carolina communities of Hildebran, Shelby, Charlotte, Asheville, and Wilmington among others. Casting for the films extras, stand-ins and photo doubles will continue throughout filming. Some small speaking roles will also be cast as minor script changes occur during the shoot. Several newcomers have been cast in some of the films lead roles. Director Gary Ross and producer Nina ...

LAST 30 PRESS RELEASES:

Effectiveness and cost-effectiveness of automated external defibrillators in private homes

University of Phoenix College of Social and Behavioral Sciences leadership publishes white paper on trauma-informed education

Microbial iron mining: turning polluted soils into self-cleaning reactors

Molecular snapshots reveal how the body knows it’s too hot

Analysis finds alarming rise in severe diverticulitis among younger Americans

Mitochondria and lysosomes reprogram immune cells that dampen inflammation

Cockroach infestation linked to home allergen, endotoxin levels

New biochar-powered microbial systems offer sustainable solution for toxic pollutants

Identifying the best high-biomass sorghum hybrids based on biomass yield potential and feedstock quality affected by nitrogen fertility management under various environments