HAMP Program Deadline Extended Through 2015 - LoanLove.com Reviews How This Will Benefit Struggling Homeowners
SAN DIEGO, July 1, 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 new article on the website reviews the recently announced HAMP Program deadline extended another two years, through 2015.
The Loan Love article explains: "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."
This is great news for homeowners who are trying to avoid foreclosure. The article explains that the Making Home Affordable (MHA) initiative extension would mean that those who have been thinking about applying for HAMP modifications would still have ample opportunity to do so. The HAMP, which was unveiled in 2009 at the height of the economic crisis, was designed to offer relief for homeowners who had fallen behind in mortgage payments and were facing foreclosure. The program is funded through the U.S. Treasury's bailout fund and has been modified since its inception to provide relief to a wider audience of homeowners. HAMP provides incentives for lenders and loan servicing companies who agree to rewrite loan terms to help borrowers avoid foreclosure.
Although in the past some of those who could have qualified were turned off from the program due to stringent requirements, this is no longer a problem. The 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." These revisions and the fact that the Making Home Affordable program has been extended yet again (the first time being from the end of 2012 to the end of 2013) show that every reasonable step is being taken to enable as many homeowners as possible to stay in their homes and avoid foreclosure.
However Loan Love does give a word of caution to those who wish to apply for these modifications. The article says: "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. 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 more information on the HAMP extension, visit LoanLove.com for the full article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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