Homeowners who have been looking for assistance from HAMP are not always in a position where they have been able to avoid problems that have arisen and successfully take advantage of mortgage payment assistance, which have led some to file bankruptcy for a variety of reasons, particularly when a substantial amount of debt has become overwhelming. Yet, homeowners do still have foreclosure prevention and bankruptcy prevention assistance opportunities that can help them not only get a better grasp on their personal financial life but specific areas like their mortgage payment as well, but we have seen some increases in the area of bankruptcies in certain cases.
As an example, homeowners in the Home Affordable Modification Program who had their trial modification canceled saw an increase in the number of bankruptcies that were in progress, which was a cumulative total for major mortgage servicers between July and August, as this number increased by 89 homeowners. Yet, for homeowners who are not accepted for a trial modification within the federal program, these top 10 servicers totaled an increase of bankruptcies from 50,293 to 50,613.
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