San Diego, CA (PRWEB) June 14, 2013
LoanLove.com is a trusted destination for current mortgage news and expert loan advice. 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. Loan Love recently posted a mortgage news article about the recently announced HAMP 2015 extension and how it will benefit struggling home owners.
Loan Love reports: “The Obama administration has announced a HAMP extension for 2 additional years, through 2015. It will be extending its hallmark Making Home Affordable (MHA) initiative until the end of 2015, hoping the extension will allow more homeowners to take advantage of loan modifications which can help them avoid foreclosure.”
Originally unveiled in 2009 at the height of the financial crisis, the HAMP (Home Affordable Modification Program) which is part of the larger Making Home Affordable Program, was designed with the aim of helping the millions of home owners who had fallen behind on their mortgage payments due to the crisis to avoid otherwise imminent foreclosure. The program works by rewriting (modifying) the loan terms, thus making the home payments more affordable for the borrower. According to data from the U.S. Treasury, homeowners participating in the program have realized median monthly savings of $546.
However, this program has yet to help all those that it was designed to help. According to predictions from the Administration under Obama loan modification with this program should be able to provide aid for as many as three to four million American home owners; so far only a little over 1 million home owners have taken advantage of the loan modification program. This may be due to the strict documentation requirements that originally had to be met by the applicants. Changes to the program have now streamlined application processes, however, and applying for the program is no longer as cumbersome and demanding as it once was.
But even though the program could be the answer for many home owners who are facing foreclosure, the Loan Love article still cautions readers to do their research: “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 HAMP extension, the REST Report, and other important loan modification factors, visit LoanLove.com for the full news article.