Only few real estate agents feel as though HAMP is working, though debt consolidation may help with other bills

By Peggy Stillwell on Mar 8th, 2010

Some people may have tried to find help with their debt through the government's Home Affordable Modification Program.

A recent report from the U.S. Department of the Treasury noted that through January, more than 116,000 people have gotten a permanent modification through the program, while another 76,000 modifications are awaiting the approval of borrowers.

The goal of the program is to help consumers who are facing a financial situation that could lead to a home foreclosure by reducing their mortgage payments through modifications. However, a recent survey shows only a small number of real estate agents feel as though the program is working.

According to real estate marketer Homes & Land, a poll of real estate agents showed that only 10 percent felt as though HAMP has cut down on the rate of foreclosure in their area.

Though efforts like HAMP are intended to help with mortgage debt, there are still other bills that consumers need to pay but have a hard time doing so. When it comes to credit card debt, some people may consider debt consolidation, which can help lower the amount of interest a person ends up paying on their bills.

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