Banks helping more homeowners repay loan debt than HAMP

By Marvin Milner on Sep 3rd, 2010

As the foreclosure rate in the U.S. continues to rise, new statistics show that banks are conducting more home loan modifications than government mortgage debt relief is assisting property owners. Specifically, banks are doing twice as many loan modifications than President Obama's Home Affordable Modification Program.

According to News Quench, an economy and business news site, banks have been blamed for much of the housing crisis that began at the beginning of the 2008 recession. They received further criticism when loan companies tacked on late monthly mortgage payments onto the existing bills of homeowners facing foreclosure.

News Quench reports that many banks have taken it upon themselves to create their own programs to help property owners currently in danger of losing their homes. So far this year, banks have completed 644,000 loan modifications while only 332,000 have been finished by HAMP.

Homeowners struggling with mortgage payments can consider debt counseling. By working with an expert, borrowers can create a plan to consolidate debt and lower their monthly payments.

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