On Wednesday, November 17th, MN Senator Franken joined 17 other Senators in sending a letter to Treasury Secretary Timothy Geithner asking for immediate changes to the HAMP program to help homeowners facing foreclosure.
The complete letter is here. (PDF Document)
Here are some of the key steps the Senator(s) recommend implementing in order to improve the HAMP program:
- The creation of the Office of the Homeowner Advocate. This office would focus on assisting homeowners who believe their mortgage servicer is breaking the rules;
- Provisions that would hold servicers accountable;
- Automatically extend permanent mortgage modifications if trial modifications are completed successfully;
- Revise eligibility requirements;
- Ensure that servicers provide homeowners with necessary documentation; and
- Provide homeowners with information as to why they have been denied HAMP modification.
The Minnesota Home Ownership Center applauds any and all efforts to assist struggling homeowners... and welcomes your comments as well!
- Will Senator Franken's suggestions improve the HAMP program?
- What improvements would YOU suggest to improve the HAMP program?
- Do you have other suggestions for helping struggling MN homeowners?