HAMP Extension 2015 Benefits Reviewed By LoanLove.com
SAN DIEGO, June 30, 2013 /PRNewswire-iReach/ -- LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they love. 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. To fulfill this goal LoanLove.com is continually updating their website with new articles and guides. A recent article on LoanLove.com reviews the benefits of the recently announced HAMP extension 2015.
The article says: "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. Immediately following the statement by the administration, the Federal Housing Finance Authority (FHFA) directed mortgage underwriters Fannie Mae and Freddie Mac to continue aiding homeowners through the government's popular Home Affordable Modification Program (HAMP) throughout the extension period. The extension is great news for homeowners who are struggling to ward off foreclosure and remain in their homes."
The Home Affordable Modification Program (HAMP) was originally unveiled in 2009 and was meant to relieve the millions of homeowners who had fallen behind on their mortgages due to the financial crisis. HAMP provides incentives for lenders and loan servicing companies who agree to rewrite loan terms to help borrowers avoid foreclosure. However, the original time frame of the program proved to be too short to provide assistance to all those the program intended to help. In response, the HAMP has been extended twice past its original expiration date; once from the end of 2012 up to the end of 2013 and now again through the year 2015.
Homeowners who have not yet had a chance to apply for a modification under the HAMP will also be pleased to know that the HAMP mortgage program requirements, which were originally quite stringent and complicated, have been modified to make things easier for struggling homeowners to get the help that they need. The Loan Love article says: "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."
The Loan Love article ends by saying: "Although certainly beneficial to homeowners facing financial troubles, home loan modification can be a complex process driven primarily by the lender. Homeowners seeking to ensure they receive the best modification terms can empower themselves by having an independent analysis performed on their loan and their financial situation."
For more information on the HAMP program, the recently announced extension and the best independent analysis resources available, please visit LoanLove.com for the full HAMP Extension news article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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