Obama Extends Program That Helps Distressed Homeowners
Federal Government’s Making Home Affordable Program Extended Through 2016
Even though a majority of homeowners are seeing a rise in equity in their property, recent studies released show that there are still over six million homeowners in the United States who are still upside-down on their mortgage, meaning they owe more on their loan than their house is worth.
In 2009, the Obama Administration launched the Making Home Affordable program in an effort to curb disastrous losses and foreclosures being caused as a result of the financial meltdown that manifested in late 2008. Since then, more than 1.3 million homeowners have been able to permanently modify their mortgage loans through the Home Affordable Modification Program (HAMP). Also, 3.1 million homeowners were able to avoid foreclosure through the Home Affordable Refinance Program (HARP).
The Making Home Affordable program was set to end on December 31st, 2015, however it has now been extended a full year to conclude at the end of 2016.
Other ways to benefit from the Making Home Affordable Programs
Aside from several home refinance options that can lower your mortgage payment, reduce your interest rate, or reduce the principal of your loan, Making Home Affordable has several programs that can help you even if you’re facing foreclosure and are unable to refinance due to your financial situation. Homeowners who are current on their first mortgage, but have fallen behind on their second are still susceptible to foreclosure proceedings from their lender. In this case, they can take advantage of MHA’s program that can help refinance their second lien.
Those still unemployed and especially homeowners hardest hit by the recession can also take advantage of programs specifically designed for these situations.
Are you underwater or behind on your mortgage? The Elgin and Pilar Walker Team are your real estate advocates, and have over 25 years experience in the real estate industry with a specialization in helping homeowners avoid foreclosure. Contact us for a confidential and discreet conversation.
Elgin & Pilar Walker
Keller Williams VIP Properties
25124 Springfield Court Suite 100
Valencia CA 91355
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