Foreclosure Expert says Obama’s Stop Foreclosure Solutions are Not Working Well

The Obama loan modification “Making Home Affordable” Program is already running low on applicants, probably because the word is out the plan is not working well and is a time waster compared to other methods of getting real foreclosure solutions help.

Currently their is an estimated 4 million homeowners that need help to stop foreclosure and the program has helped only a fraction to get help.

A popular financial blog “Calculated Risk” says, “The program is dying….”

The Obama administration is now requiring loan servicing companies verify a homeowner’s income at the beginning rather than at the end of the trial after which the loan applicant pace has slowed down.

For the few borrowers who do get permanent modifications, their payments are reduced by about $500 a month. This actually may not be enough to make it comfortable for them to afford the payments because many still struggle under a high debt to income ratio even with the $500 reduction

David Stevens, assistant secretary for housing in the Department of Housing and Urban Development, has said “We were dealt the worst foreclosure crisis we had seen since the Great Depression,”

But not all is lost you can give yourself a real fighting chance to save your home. Contact a foreclosure expert at Help to Stop Foreclosure Net and get the assistance you need to help stop your foreclosure today! Click Here for an Email-Form and email your name and your issue and an expert will contact you back or Call toll free 888-819-6554.

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References:

Stall in Applications for Federal Mortgage Program By DAVID STREITFELD, New York Times

Housing Starts increase in April by Calculated Risk

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