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Let’s face it: There is no simple or entirely fair way to deal with the seven million or so U.S. households that are behind on mortgage payments or in the foreclosure process.
The Obama administration’s Home Affordable Modification Program, or HAMP, was supposed to offer a fair and effective way to save millions of homeowners. When President Obama announced HAMP in early 2009, many of those borrowers felt a surge of hope. Among them was Deborah Hampton, 58 years old, who lives in a beige bungalow in Hammond, La., with her daughter, Kimlyn, and a Pomeranian dog named Roxx. She began getting behind on debt payments after losing her job at a phone company in 2006. By late last year, she feared she would soon lose her home to foreclosure. “I was saving boxes to pack,” she says.
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