This week’s City Weekly cover story looks at how banks and lenders in Utah have used and abused a federal program meant to help homeowners avoid foreclosure. Here is a look at how well all banks and lenders did in helping Utahns fend off foreclosure with loan modifications.
The Making Homes Affordable Program, known as HAMP, was rolled out by President Barack Obama in 2009 with plans of helping as many as 4 million homeowners obtain loan modifications to help them keep a roof over their head. But to date, fewer than 800,000 loans have been modified. As this week’s cover story explored, the program was beset with confusing guidelines and lacked penalties for banks and lenders who abused the program.
Below, you can see how well your bank did in Utah for its performance in converting trial applications to the program into permanent modifications. Keep in mind that while not every trial is qualified to become permanent, a major criticism of the program was that the inefficient handling of the trial process has strung homeowners along to the point that their trial was canceled because the home faced imminent foreclosure.
Another critique is that HAMP was pushed and promoted to homeowners who simply did not qualify for it, and that manipulating the modification to try to get a loan modified also expedited the foreclosure process.UTBanksLenders
Click on the link for a full list of banks and the percent of completion you will be amazed. Is it really that good of a plan what are your thoughts?