Federal Program Helping Distressed Homeowner To Come To An End
Homeowner options through Making Home Affordable set to end in December.
It’s good to know that so many people who were once in financial trouble have gotten back on their feet. We have helped many who have faced foreclosure during the darkest days of the recession avoid having the bank take their home.
By the Fall of 2008, the nation’s economic condition was very questionable. The real estate market began spinning out of control, and many homeowners found themselves in serious trouble with their mortgage lender. This was in part perhaps due to the a change in the homeowner’s finances due to recessionary job loss, but we also can’t overlook bad subprime loans that were provided by lending institutions to borrowers who weren’t truly qualified to purchase a home. Both of these issues caused great uncertainty in the real estate market.
With the election of Barack Obama as President of the United States in 2009, one of the first actions was to try and stave off a broader collapse of the real estate industry. So the Making Home Affordable program came into existence.
Originally set to only last a few years, this program provides assistance to distressed homeowners in a variety of ways that help them avoid foreclosure. These include:
- The possibility of lowering your monthly mortgage
- Loan modification assistance
- Financial assistance for the unemployed
- Principle Reduction Alternatives
- Foreclosure alternatives
And many more.
The good news is that Making Home Affordable has helped nearly 2 million homeowners avoid foreclosure through their various programs.
The not-so-good news is that, despite improvements in our nation’s economy, there are still homeowners who are barely holding on and need assistance.
Back to the good news: It’s not too late to obtain assistance through this Federal program, although time is getting short. The Making Home Affordable program is set to end on December 31st, 2015.
What do to if you’re facing foreclosure.
First of all, contact us to find out where to start. Our expertise in foreclosure avoidance has helped many homeowners steer clear of the bank taking their home, and we have the answers for you. Also know that, aside from government assistance, there are many other programs and alternatives available that we will discuss with you, so that you can make the best decision based on your situation.
We are your real estate advocates!
The Elgin and Pilar Walker Team has nearly 30 years experience in helping home buyers and seller achieve all of their real estate goals. Contact us today for a no obligation consultation.
Elgin & Pilar Walker
Keller Williams VIP Properties
25124 Springfield Court Suite 100
Valencia CA 91355
Office: (661) 290-3781
Mobile: (661) 347-6248