San Diego, CA (PRWEB) June 30, 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 new article on LoanLove.com reviews how the recently announced Making Homes Affordable expiration date extension through 2015 will benefit homeowners who are facing foreclosure.
The announcement of the extension of the Making Homes Affordable initiative is great news for millions of struggling homeowners who qualify for the Home Affordable Modification Program (HAMP) but who have not yet had the opportunity to do so or simply have been unsure about all the HAMP program details.
LoanLove.com says: “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. Immediately following the statement by the administration, the Federal Housing Finance Authority (FHFA) directed mortgage underwriters Fannie Mae and Freddie Mac to continue aiding homeowners through the government’s popular Home Affordable Modification Program (HAMP) throughout the extension period.”
As stated in the quote above, the extension will help many more homeowners to benefit from the program, which was originally projected to provide aid to as many as 3 million to 4 million homeowners, but so far only about 1.1 million homeowners have taken advantage of the program. Partially to blame for this lack of participation is the fact that the original HAMP qualification requirements were too cumbersome and demanding for homeowners. Also, home loan modification can be a complex process driven primarily by the lender, which has resulted in some homeowners not receiving fair treatment. However both these problems can be avoided; the requirements are now much more streamlined and homeowners can have an independent analysis of their loan done with the REST Report in order to avoid any errors.
Overall, the extension is great news for homeowners who are struggling to ward off foreclosure and remain in their homes. In a statement regarding the extension, Treasury Secretary Jack Lew said the extension provides critical relief to homeowners still facing significant financial troubles. He says: “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.”
For more information on the recent Home Affordable Modification Program extension and for other articles, information, online resources and interactive mortgage tools that can help borrowers to find home loans for their unique financial and mortgage situation, please visit LoanLove.com.