Hope Now sees continued progress in servicers’ participation in making home affordable program
Washington, DC - August 4, 2009 - (RealEstateRama) — “HOPE NOW servicers, participating in the Obama administration’s, Making Home Affordable (MHA) program, continue to make significant strides in offering at-risk borrowers loan modifications under the Home Affordable Modification Program (HAMP), as well as other successful foreclosure prevention programs.
The data released today from the administration shows progress on the part of servicers with 57.9 percent of HAMP modification offers to consumers, entering into the trial modification period. In addition, servicers have requests for financial information from 1,387,218 at-risk borrowers, according to the government’s servicer survey results.
HOPE NOW members and the mortgage lending industry have, over the last two years, helped approximately 4 million distressed borrowers with workout solutions to avoid foreclosure. In the first six months of 2009, 1.5 million borrowers have been helped with workouts.
Recently, HOPE NOW reported that in June, the mortgage lending industry helped 310,000 homeowners complete workout solutions to stay in their homes – a 25 percent increase over May.
There is good news in the report from the U.S. Department of the Treasury. HOPE NOW members are committed to meeting the administration’s goal of 500,000 trial modifications started by November 1, 2009.
HOPE NOW is working with the administration to help make MHA successful by partnering on borrower outreach events and implementing programs to streamline the modification process.
We look forward to continuing to work with the administration to further help atrisk borrowers avoid foreclosure. The Making Home Affordable program offers hope and promise for the growing numbers of borrowers facing hardship.”
Contact:
Laura Armstrong
202-255-6089
Related posts:
- Secretaries Geithner, Donovan Announce New Details of Making Home Affordable Program, Highlight Implementation Progress
Just Over Two Months after Release of Program Guidelines, Homeowners Realizing Relief under Administration Plan Join Secretaries to Share Personal Stories. WASHINGTON, DC - May 14, 2009 - (RealEstateRama) — With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner...
- Making Home Affordable Program on Pace to Offer Help to Millions of Homeowners
Public Release of Data Provides Transparency on Servicer Performance. WASHINGTON, DC - August 4, 2009 - (RealEstateRama) -- Today, the Obama Administration released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program. The purpose of the report is to document the number of struggling homeowners already helped under the...
- Subcommittee to Hold Hearing on the Progress of the Making Home Affordable Program
September 8, 2009 - (RealEstateRama) -- Washington, DC - Rep. Maxine Waters (D-CA), chairwoman of the House Financial Services Subcommittee on Housing and Community Opportunity, today announced that the subcommittee will hold a hearing entitled, “Progress of the Making Home Affordable Program: What Are the Outcomes for Homeowners and What Are the Obstacles to Success?” on September 9, 2009 at...
- Obama Administration Announces New Details on Making Home Affordable Program
Parallel Second Lien Program to Help Homeowners Achieve Greater Affordability. Integration of Hope for Homeowners to Help Underwater Borrowers Regain Equity in their Homes. WASHINGTON, DC - April 28, 2009 - (RealEstateRama) — The Obama Administration today announced details of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program, including an effort to achieve...
- Obama Administration to Launch National Outreach Campaign in Support of Making Home Affordable Program
MIAMI, FL - June 25, 2009 - (RealEstateRama) — The Obama Administration today kicks off a nationwide campaign to promote the Making Home Affordable Program, a plan to stabilize our housing market and help millions of Americans reduce their monthly mortgage payments to more affordable levels. The campaign starts today in Miami and then travels to nine additional housing markets...
. If someone can pay rent, than that same person can pay a mortgage payment if structured correctly. The government is providing $8,000 for first time buyers, so why can’t the government pay part of the payment and have the borrower repay the government in the future??
Instead of a rental payment, let the homeowner make the payment toward the mortgage and the government can cover the difference in a mortgage assistance program which will be repaid over time.
Here is an example of how it could work. Go to the AccuriZ webiste and click Real Estate Reports to see the Mortgage Assistance Program that would DIRECTLY benefit the homeowner.