New Changes Announced Today Regarding HAMP Program

    HENDERSON, NV, January 29, 2012 /24-7PressRelease/ -- The Obama administration today announced they are backing significant changes to the minimally successful HAMP (Home Affordable Modification Program). Las Vegas area home homeowners will certainly be tracking this new development to see if it can offer real relief. It has been estimated that around 70% of home owners in the Las Vegas Real Estate market are underwater. True loan modification has been rare here as the low values have prevented local homeowners from participating in permanent loan modifications that make sense for them.

Although the details and implications are not yet known regarding HAMP, the FHFA (Federal Housing Finance Agency) did announce that the program would be expanded to investors with renters and vacant homes and lastly that the program would be extended by one year through the end of 2013.

The program would also relax some of the debt-to-income ratios to help expand the pool of eligible homeowners. Banks who hold the notes knows as Investors and servicing banks (the bank most people deal with regards to their mortgage, payments etc.) would also have their incentives tripled by the government to encourage participation with the new HAMP changes.

Shelter Realty, Inc. is Las Vegas Real Estate and Property Management Company. For more information about Shelter Realty, please contact us at 702-376-7379.

Website: http://www.shelterrealty.com

# # #