Even when HAMP works, it doesn’t:
Recently, Airan-Pace secured a modification for a Miami Beach client that shrank his monthly payment from $3,700 to $1,600. But it was only a reduction in interest rate â€” allowed by the Home Affordable Modification Program to go as low as 2 percent.
“I called him in and he said, ‘I’m not signing this,’â€ˆ” Airan-Pace recalled.
He owed $470,000 on a property worth less than half that.