HAMP May Become Requirement Before Foreclosure

Foreclosures
Foreclosures

Banks may soon be required to screen and reject homeowners for the government's Home Affordable Modification Program (HAMP) before they can go forward with a foreclosure. That's the proposal lenders were asked to review on a White House conference call according to a report by Bloomberg.

The administration has been mulling new ways to boost the effectiveness of the HAMP program and keep more Americans in their homes.