HAMP adjusted mortgage rates set to expire, what to do now - Los Angeles News | FOX 11 LA KTTV

HAMP adjusted mortgage rates set to expire, what to do now

Posted: Updated:
(WJBK) -

Thousands of Metro area residents are about to get a shock. Their mortgage payment may jump $200 or more! These are people who got government help five years ago under the Home Affordable Modification Program (HAMP).

They may not remember or realize that the low mortgage rate they were awarded was locked for only five years.

Time's up.

VIDEO: Andrew Johnson from GreenPath Deb Solutions talks to Murray Feldman about some ways you can move out of HAMP and into your next set of payments. Play the video report from Fox 2 News at 5 p.m. and use this help page: www.greenpath.org

ARTICLE By Nick DeMeester, GreenPath housing manager

CNN recently reported that the earliest enrollees in the government's Home Affordable Modification Program (HAMP) will be seeing their mortgage rates increase shortly, that could result in more re-defaults in the next few years.

The HAMP program was launched in 2009.  It was intended to help troubled borrowers by reducing the principal balance they owed or the monthly interest they paid.  Some borrowers received interest rates as low as two percent.

The earliest borrowers in the program, where the modifications remained fixed for five years, will begin seeing their rates climb.

The CNN story quoted Treasury Department special inspector general Christy Romero.  She said, "We're already seeing alarming re-default rates and are really worried that this could lead to more. It will be a real challenge for people to pay the higher amounts."

If you enrolled in the HAMP program and have questions, feel free to reach out to us at (800) 550-1961.

GreenPath's housing advisors are experts at assisting people with their housing needs.  Back in the 1960's, we were one of the first organizations approved by the U.S. Department of Housing and Urban Development to conduct housing counseling.

Today, we offer the following housing counseling services:

If you have a housing concern, let us help you understand your options and make an informed decision on how to achieve your financial goals.

GreenPath offers free housing counseling, with no obligation or sales pitch.

  • Murray FeldmanMurray FeldmanMore>>

  • Money Monday: Social media safety

    Money Monday: Social media safety

    Monday, July 7 2014 9:31 AM EDT2014-07-07 13:31:18 GMT
    The internet is like an elephant -- it never forgets. While spoken words leave little trace and are quickly forgotten, written words endure in the online environment. Whatever you post, tweet, update, share -- even if it's deleted immediately afterwards -- has the potential to be captured by someone, somewhere, without your knowledge.
    The internet is like an elephant -- it never forgets. While spoken words leave little trace and are quickly forgotten, written words endure in the online environment. Whatever you post, tweet, update, share -- even if it's deleted immediately afterwards -- has the potential to be captured by someone, somewhere, without your knowledge.
  • Money Monday: No one has a crystal ball on the market

    Money Monday: No one has a crystal ball on the market

    Monday, June 30 2014 10:44 AM EDT2014-06-30 14:44:05 GMT
    Jonathan Citrin of Citrin Group talks about how make investments after so-called experts were flat wrong about predicting how the market will perform.Play the video in the player to see his interview with Murray Feldman.Click here to learn more about the Citrin Group.
    Jonathan Citrin of Citrin Group talks about how make investments after so-called experts were flat wrong about predicting how the market will perform.Play the video in the player to see his interview with Murray Feldman.Click here to learn more about the Citrin Group.
  • A CEO's exit interview: Alan Mulally on his 8-years at Ford

    A CEO's exit interview: Alan Mulally on his 8-years at Ford

    Wednesday, June 25 2014 4:17 PM EDT2014-06-25 20:17:56 GMT
    Five short videos in what could be described as an exit interview to the media.  For business people of all kinds, there is some real insight to be had here as Murray Feldman poses questions that go beyond the auto industry.  Alan Mulally is candid with his answers.
    Five short videos in what could be described as an exit interview to the media.  For business people of all kinds, there is some real insight to be had here as Murray Feldman poses questions that go beyond the auto industry.  Alan Mulally is candid with his answers.
  • Local NewsLocal NewsMore>>

  • Livonia man dies after 2 dogs attack him

    Livonia man dies after 2 dogs attack him

    Thursday, July 24 2014 3:49 PM EDT2014-07-24 19:49:30 GMT
    A 46-year-old Livonia man was killed Wednesday evening after he was attacked by two dogs while jogging in Metamora.
    A 46-year-old Livonia man was killed Wednesday evening after he was attacked by two dogs while jogging in Metamora.
  • Council considering land deal for US-Canada bridge

    Council considering land deal for US-Canada bridge

    Thursday, July 24 2014 3:48 PM EDT2014-07-24 19:48:33 GMT
    The Detroit City Council is considering the transfer of 301 city-owned properties to the Michigan Land Bank in exchange for $1.4 million from the Canadian government as part of plans for a $2 billion international commuter bridge.
    The Detroit City Council is considering the transfer of 301 city-owned properties to the Michigan Land Bank in exchange for $1.4 million from the Canadian government as part of plans for a $2 billion international commuter bridge.
  • Porch shooter: I didn't know gun was loaded

    Porch shooter: I didn't know gun was loaded

    Thursday, July 24 2014 12:48 PM EDT2014-07-24 16:48:56 GMT
    A suburban Detroit man who killed an unarmed woman on his porch immediately suggested to police it was an accident and that he didn't know his shotgun was loaded, according to recorded remarks played in court Thursday.
    A suburban Detroit man who killed an unarmed woman on his porch immediately suggested to police it was an accident and that he didn't know his shotgun was loaded, according to recorded remarks played in court Thursday.
Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices