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HAMP: Audit Reveals More than a Quarter of the Borrowers have Re-Defaulted

Home Affordable Modification Program (HAMP) may lower your monthly mortgage payments in order to make them more affordable and sustainable for the long-term.  Well a recent audit shows more than a quarter of the borrowers in this federal mortgage workout program have re-defaulted, costing taxpayers at least $815 million.  The audit found that struggling borrowers who entered the program in 2009 and 2010, who make up more than half of all HAMP participants, had re-default rates of 46 percent and 38 percent, respectively.

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July 24, 2013 - Posted by | Uncategorized | , ,

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