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Digital News Report – Many Americans are benefiting from the Obama loan modification program, according to government statistics. Not all homeowners are eligible, but the program is free and so is the consultation.
There are several aspects to the program, including one that helps the unemployed and another for those homeowners underwater (owing more than their home is worth). Recently the Obama administration expanded the program to solve the problems associated with second liens.
There is also money set aside to help those that don’t qualify for modification and are facing foreclosure. There are foreclosure alternatives. The Obama administration set aside funds specifically for the hardest hit areas of the country.
The Making Home Affordable program has helped stabilize home prices, according to the Obama Administration. “Since April of 2009, record low rates have helped more than 7.1 million homeowners to refinance,” the government said in a statement.
The Home Affordable Refinancing program has helped homeowners take advantage of the low rates. The declining home prices have made it more difficult for Americans to qualify for the low rates.
The Home Affordable Modification program was designed for homeowners who saw their adjustable rate mortgage (ARM) adjust higher.
The Home Affordable Modification Program (HAMP) is free for the homeowners.
The next homeowner community event will be held Thursday October 21st from 1:00 pm to 7:30 pm at the San Diego Convention center. You do not need to attend the homeowner events to take advantage of the program.
By: Tina Brown