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Feds expand incentives for HAMP borrowers
Marketwatch: In a move to keep borrowers from falling behind on their payments as interest rates climb back, more homeowners who opted for the Home Affordable Mortgage Program to avoid foreclosure will see a new bonus for keeping their mortgage current, the Treasury Department and HUD said Thursday.
Under the revised guidelines, all Home Affordable Mortgage Program, or HAMP, borrowers will be eligible for a new $5,000 incentive when they’ve been able to keep their modified mortgages current for a period of six years (borrowers per their agreement with the bank and government got a $1,000 a year bonus for keeping their mortgage current).
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