Obama Mortgage Plan Progressing

It seems that there has been a slow start to the Obama plan to assist millions of homeowners avoid foreclosure through reducing the amount of their mortgage repayments. At this time there are only about 55,000 homeowners who have taken advantage of the Obama administration mortgage repayment reduction plan, whereas it is estimated that a further 2.1 million homeowners will loose their homes this year. Those who have succeeded suggest that they have done so with sheer persistence, Therefore, the message must be that if at first you don't succeed, try, try, try again, although the situation is forecast to get easier as lending sources get up to speed. Meanwhile, interested parties are advised to familiarize themselves with mortgage procedures.

There is an excellent article in the New York Times giving information about progress of the Obama mortgage plan. An extract is reproduced below but please click on the heading to read the full article:

Slow Start to U.S. Plan for Modifying Mortgages

"The Obama administration’s plan to help millions of troubled homeowners avoid foreclosure by reducing the size of their mortgage payments is just getting off the ground.

Because of the size and complexity of the modification program, the administration has only recently assembled most of the pieces. In late April, officials fleshed out their plan to modify or forgive second mortgages — one of the big stumbling blocks in modifying primary mortgages — and provided more details on the Hope for Homeowners program, for borrowers who owe more than their homes are worth. Congress is close to acting on legislation to protect mortgage servicers from potential lawsuits from investors, while also expanding the Federal Housing Administration’s ability to modify loans."

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Obama Mortgage Plan Progressing
Obama Mortgage Plan Progressing