There’s good news if you’re struggling to make your monthly mortgage payments: the Obama administration recently announced that it will expand its foreclosure relief program to try to help those with heavy debt loads avoid losing their homes. In addition to expanding its foreclosure-prevention program, the Obama administration also announced that it will extend the Home Affordable Modification Program through 2013.
The United States economy is still recovering from the worst financial recession since the Great Depression in which numerous abuses in the housing sector left hundreds of thousands of homeowners facing foreclosure. Fortunately, this recent announcement made by the Obama administration is a major step towards righting the housing market and providing homeowners with the relief they so desperately need.
In addition to expanding the Home Affordable Modification Program, the Obama administration also said that it would include a secondary evaluation for borrowers who might have hefty second mortgages or medical bills weighing down their finances. Besides lowering the interest rate or principal on your mortgage, a home loan modification will also typically allow you to repay your loan over a longer period of time.
The Obama administration has frequently blamed some of the nation’s biggest mortgage lenders for not doing enough to help American’s avoid foreclosure, so it comes as no surprise that the same administration is taking the necessary steps to protect homeowners. Unfortunately, this news may come too late or may not be enough for a number of people. If this is the case, contact Illinois bankruptcy attorneys Cutler & Associates, Ltd. today.
Our bankruptcy attorneys have over 25 years of experience helping clients resolve their debt issues once and for all. One phone call is all it takes to stop asset sales, foreclosure, repossession, wage garnishments, and more.
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