|
Digital News Report – The Obama loan modification program was not designed to help everyone but some homeowners can’t qualify for the program or shouldn’t apply.
The program has helped many Americans stay in their home while preventing foreclosure and slowing the decline in home prices. The December scorecard indicates that there is “continued signs of stabilization in house prices”.
The Obama Administration reports that the swift actions have saved millions of homes from foreclosure. The program is free to the homeowner and there are incentives to both the borrower and the lender to modify the loan.
There are various aspects to the Making Home Affordable Program. The Home Affordable Modification Program provides counseling to facilitate loan modifications.
Many Americans are struggling with a second encumbrance on their property. The Second Lien Modification Program (2MP) provides help modifying the second loan.
Interest rates are at historic lows but many homeowners are unable to take advantage of the low rates because of declining home prices. They do not have sufficient equity to refinance. The Home Affordable Refinance Program can help.
If the homeowner doesn’t qualify for any of the programs designed to save the home from foreclosure, the Home Affordable Foreclosure Alternatives Program may help save their credit. This feature will help in the transition through a short sale or deed-in-lieu of foreclosure.
By Tina Brown