Thursday, May 14, 2009

Obama modification plan working

The administration announced today that 55,000 loans were modified so far under Obama's making homes affordable plan. Although it took weeks and even months for the servicing companies to implement the programs that were expanded to apply to second mortgages, the lenders now are beginning to approve and process the applications.

In addition, the administration wants to expand the program to help those who are not approved for a modification to obtain assistance with a short sale or deed in lieu of foreclosure by giving lenders incentives to work on these alternatives to foreclosure.

"If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future," said Treasury Secretary Geithner. "These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to our economic recovery."

This is a very positive sign that although the number of foreclosures is rising, there is help out there for homeowners.

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Law Office of Barsness and Cohen

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