LAS VEGAS -- The Home Affordable Modification Program, or HAMP, released new numbers of how many homeowners receive federal mortgage help. There is progress, but it is slow progress.
Despite President Obama making it easier for people to apply, the number of Nevadans getting federal mortgage help is not significantly increasing.
Nearly 1,000 people a month call the Financial Guidance Center looking for help saving their homes. The center was formerly known as Consumer Credit Counseling services, a non-profit group helps Nevadans navigate through the federal HAMP program.
"We see those everyday Nevadans, those that frankly lost their job, just got their job back and are now in desperate need of maintaining a shelter for their family," said Nelson Araujo with the Financial Guidance Center.
Homeowners typically lower their mortgage payments by $500 a month if they pass the three month trial period.
President Obama announced more people would be eligible for federal mortgage help during a Las Vegas visit last October. However, the numbers of people getting help through HAMP did not increase much since that announcement. Federal numbers show more than 15,000 Las Vegas homeowners received permanent home loan modifications through HAMP, but more than 250,000 underwater homeowners did not receive help.
Another issue is that banks don't tell every homeowner they can get help. The Treasury Department says Bank of America and Wells Fargo notify an average of 71 percent of eligible homeowners. Then, there's the issue of companies looking to make a profit from vulnerable homeowners.
"We've had families come to us who have come to us after paying $4,000 to $5,000 to a fee-for-service company for assistance," said Araujo. "Then, they will be tossed around for two to three years. After coming to us, within three months, we can get them through the channels typically and get them the assistance that they need."
This link shows non-profit groups that can help homeowners.
