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While some groups, like NACA, have bypassed the HAMP modification process – to great success, says Alayon – others have worked within the program’s framework to help distressed borrowers. And for all the criticism over the program’s sluggish achievements, the standardized modification process has saved homes and simplified the application procedure.
HAMP provided borrowers and lenders one plan with clear guidelines – a specter of uniformity that replaced a nightmarish swath of unique private modification programs with a standardized list of requirements.
“It changed the way loan modifications were done,” Van Zalingen, of Chicago’s Neighborhood Housing Services, said. “Before this it was very hit or miss.”
The group, sponsored by the city and partnered with Chicago-based Attorneys’ Title Guaranty Fund, has capitalized on that principle, streamlining the HAMP application process for thousands of homeowners with free Fix Your Mortgage events held throughout the Chicago area.
Read more: http://news.medill.northwestern.edu/chicago/news.aspx?id=164739
