San Diego, CA (PRWEB) June 15, 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. LoanLove.com recently posted a news article that can help home owners who may be facing foreclosure. The article talks about the many benefits of the recently announced HAMP extension. With the HAMP extended until 2015, there is still ample time for those who have not yet availed of the benefits of this program to do so before the new cut off date.
As the Loan Love article 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.”
As mentioned in the White House’s statement, the reason for the extension is so that more struggling home owners will be able to benefit from the modifications provided under the HAMP program. Data from the United States Treasury Office shows that only about ¼ of all people that the HAMP program was meant to help have actually been able to benefit from it as of yet. 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.
There are a number of reasons for this, and many homeowners may have been unable or unwilling to apply for the help of the HAMP program because of the documentation requirements which were originally very stringent and not very homeowner friendly. However, as the Loan Love article states: “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 many have not yet taken advantage of the program is because the complicated modification process is primarily lender driven. While the program is meant to make things easier for struggling home owners, the truth it that it can be a hassle to get fair and on time treatment from some lenders. Fortunately there are independent analysis tools, such as the REST Report, which can show homeowners exactly what they should qualify for and what options they have. The article on LoanLove.com says: “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 newly extended HAMP program, read the full article on LoanLove.com.