San Diego, CA (PRWEB) July 09, 2013
LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they love. 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. A recent article on LoanLove.com reviews the benefits that the recently announced Making Homes Affordable Program extension will bring to homeowners struggling to avoid foreclosure.
In a statement regarding the extension, Treasury Secretary Jack Lew said, The housing market is gaining steam, but many homeowners are still struggling. 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 Loan Love article says: HAMP was unveiled in 2009 at the height of the economic crisis and was designed to offer relief for homeowners who had fallen behind in mortgage payments and were facing foreclosure. The program is funded through the U.S. Treasurys bailout fund and has been modified since its inception to provide relief to a wider audience of homeowners. HAMP provides incentives for lenders and loan servicing companies who agree to rewrite loan terms to help borrowers avoid foreclosure.
These modifications have saved many homes from foreclosure, but there are still millions more who have not yet had the chance to avail of the program or who are not familiar with the HAMP Program details at all. The article goes on to explain:
According to data from the U.S. Treasury posted in a press release dated May 30th this year, 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.
Partially to blame for the lack of participation is the fact that the original requirements were too difficult to follow and quite strict for homeowners who were already struggling. However these HAMP qualifications have been revised to provide easier access for all. The article says: A streamlined version of HAMP helps homeowners who are more than 90 days behind in payments to modify loans quickly without the need to meet strict documentation requirements which many homeowners found too cumbersome and demanding.
Another reason may be that lenders can often tend to give applicants the run around when they apply for HAMP modifications. Loan Love says: Although certainly beneficial to homeowners facing financial troubles, home loan modification can be a complex process driven primarily by the lender. Homeowners seeking to ensure they receive the best modification terms can empower themselves by having an independent analysis performed on their loan and their financial situation. The REST Report offered by Real Estate Services and Technology is one tool homeowners can use to make sure they understand all their options without relying solely on information provided by their lender. For most homeowners, loan modification is a one-shot deal: Knowing every option can help homeowners get the best terms for their unique financial situation.
For more information on the recently announced HAMP extension, visit LoanLove.com for the full article.
Making Homes Affordable Program Extension Pushed Back An Additional 2 Years: LoanLove.com Reviews The Benefits For Struggling Homeowners is a post from: Best Home Mortgage
