I just read about HAMP is going to be changed. This might actually work if they do reduce mortgage balances.
As part of its announcement on Friday, the administration also said it was extending the life of the HAMP program for one additional year through 2013, and that it would open up the program to borrowers with higher debt-to-income levels.Only about $3 billion has been spent of the $29 set aside for HAMP.In addition, the administration said it was tripling the incentives paid to lenders who reduce mortgage principal.Investors who rent out properties would also be able to access mortgage aid under the revamped program.REGULATOR NEEDS TO SIGN OFF
Here is a link with more on the story.
WBFO: Obama administration bolsters homeowner lifeline (2012-01-27)