As we discussed last month, President Obama's "Hope for Homeowners" plan started out as a huge disappointment, mainly because of banks unwillingness to participate. After some tweaks, the new stats are starting to trickle in. More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program trough mid-May.
The administration also announced it was expanding the $75 billion program to assist more troubled borrowers. The government will provide incentives for servicers and borrowers to avoid foreclosure using methods such as short sales.
Servicers have also mailed more than 300,000 letters to homeowners who might be able to get modifications, the administration said. Mortgage holders who live in their homes and have loans of no more than $729,750 originated before Jan. 1 are eligible. Also, they must be in default or at risk of default for a reason such as a significant change in income or expenses.
Let's "Hope" that this program continues to save the homes of Americans, even your friends & neighbors!
Matt
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