HAMP Extension 2015 Could Help Millions More Avoid Foreclosure, LoanLove.com Reports
SAN DIEGO, Calif., June 14, 2103 /PRNewswire-iReach/ -- LoanLove.com is a trusted destination for current mortgage news and expert loan advice. 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. Loan Love recently posted a mortgage news article about the recently announced HAMP extension 2015 date and how it will benefit struggling home owners.
According to reports, the Obama administration 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 Obama HAMP Program, which can help them avoid foreclosure. The Loan Love article reports: "According to data from the U.S. Treasury, homeowners participating in the program have realized median monthly savings of $546. The MHA also offers a similar refinance program for homeowners whose homes are not guaranteed by Fannie Mae or Freddie Mac. Although the administration predicted HAMP would provide aid to as many as 3 million to 4 million homeowners, so far only about 1.1 million homeowners have taken advantage of the program."
The 2 year extension means that up to 3 million homeowners who have not yet availed of the program will still have time to do so before the program does finally expire. Although the program has already been extended once before (from the original expiration date of December 31st 2012 to December 31st 2013) Those who want to take advantage of the program should definitely take this opportunity to apply for a modification within the time frame allotted and not wait it out hoping that the HAMP gets extended again.
Partially to blame for the low number of participants may be the documentation requirements, which were originally quite strict and stressful for already struggling homeowners. However, as the Loan Love article reports: "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."
Also aiding homeowners who wish to apply for the program are independent analysis firms which can ensure that the borrower receives fair treatment from lenders, since the complex process of modification is primarily driven by the lenders. The Loan Love article says: "The REST Report offered by Real Estate Services and Technology is one tool homeowners can use to make sure they understand all their options without relying solely on information provided by their lender. For most homeowners, loan modification is a one-shot deal: Knowing every option can help homeowners get the best terms for their unique financial situation."
To view the full Loan Love article and to learn more about the 2015 HAMP extension and the REST Report, and to utilize a number of other borrower friendly tools and resources, visit the Loan Love website at http://loanlove.com.
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SOURCE Internet Income University