Home Owners Mortgage Aid Programs

On Thursday, the Obama administration said its bold mortgage assistance program that was launched in March is helping thousands of borrowers, though some lenders are working way faster than others. So far, participating mortgage companies have made around 55,000 offers to modify borrowers’ loans, but officials could not really say how many of those homeowners had actually in fact been helped. Knowing that many troubled homeowners can not be, the Obama administration expanded its $50 billion mortgage aid program, announcing new measures that would help homeowners avoid any foreclosure if they don’t qualify for other assistance. The initiatives are intended to streamline the process of selling a home that is worth less than the mortgage, or transfer ownership of a home to a lender. Both options will still ding the home owner’s credit score, but it is way less than a foreclosure.