#loan modification program
A new LoanLove.com article reports on the recent HAMP extension and how struggling homeowners will benefit.
San Diego, CA (PRWEB) July 07, 2013
Many struggling homeowners have been helped by the HAMP program over the years, and with the Obama loan modification program extended through 2015, many more stand to benefit. LoanLove.com, a website with the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and U.S. financial landscape in order to help them obtain a home loan that they will love, helps their readers to understand the ins and outs of the extension in a recently posted guide. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals. To fulfill this goal LoanLove.com is continually updating their website with new articles and guides. This new article explains the details of the new extension and how it can benefit those who are struggling to avoid foreclosure.
The article reports: “The Obama administration has announced a HAMP extension for 2 additional years, through 2015. It will be extending its hallmark Making Homes Affordable (MHA) initiative until the end of 2015, hoping the extension will allow more homeowners to take advantage of loan modifications which can help them avoid foreclosure. Immediately following the statement by the administration, the Federal Housing Finance Authority (FHFA) directed mortgage underwriters Fannie Mae and Freddie Mac to continue aiding homeowners through the government’s popular Home Affordable Modification Program (HAMP) throughout the extension period.”
This is the second such extension, with the first extending the program past its original cut off date of December 31st 2012, to December 31st 2013. Obviously this is great news for many who have not had the chance to avail of the HAMP modification program and this is also one of the primary reasons the program has been extended. In a statement regarding the extension, Treasury Secretary Jack Lew said the extension provides critical relief to homeowners still facing significant financial troubles. “The housing market is gaining steam, but many homeowners are still struggling,” Lew said, “Extending the program for two years will benefit many additional families while maintaining clear standards and accountability for an important part of the mortgage industry.”
The article explains: “HAMP provides incentives for lenders and loan servicing companies who agree to rewrite loan terms to help borrowers avoid foreclosure. According to data from the U.S. Treasury, homeowners participating in the program have realized median monthly savings of $546. The MHA also offers a similar refinance program for homeowners whose homes are not guaranteed by Fannie Mae or Freddie Mac. Although the administration predicted HAMP would provide aid to as many as 3 million to 4 million homeowners, so far only about 1.1 million homeowners have taken advantage of the program.”
This means there are still nearly 3 million homeowners who have yet to use the program. Those who wish to find out what they qualify for can use loan analysis tools such as the REST Report, which will help them to check their qualifications as well as assist in expediting the modification process if they do qualify.
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