James H. Monroe, P.A.
Call Us For A Free, In-Office Consultation
407-917-4147
No One Should Face Crushing Debt Alone

Rise in homeowners receiving mortgage modifications

In an effort to try and help homeowners avoid foreclosure, the government created the Home Affordable Modification Program. And while the actually number of people helped has not hit anywhere near the targeted goal of 3 to 4 million, the number of homeowners who qualified for a permanent mortgage modification did increase by nearly 16,000 between July and August.

The increase in the number of permanent mortgage modifications was released by the U.S. Treasury Department just last week. Since 2009 when the program started, close to 691,000 homeowners have received a modification.

And while an increase in help being given to homeowners is always a positive, many say that more mortgage relief tactics are still needed, and criticize the federal government's program.

When looking at some of the problems with the program, sources point to the fact that to help homeowners it required changes to the lending industry, which was already struggling and troubled. This combined with the sheer size and scale of the housing crisis only made it even harder for lenders to be able to keep up.

However, even though the number is still nowhere near the initial goal of 3 to 4 million, keep in mind that while there is the government's Home Affordable Modification Program; individual institutions may also have their own modification process. For some homeowners, it may be better to actually look into both types of programs.

Overall, it's also important to remember that the mortgage modification process can be quite complex and confusing, and requires a lot of paperwork, like a hardship letter and an itemized list of monthly expenses.

If you are a homeowner who is interested in learning more about the modification process -- or needs help compiling necessary documentation -- contact a professional to make sure that all of your facts are there, and to make sure that a modification is truly the best solution for you to avoid foreclosure.

Source: The Wall Street Journal, "Numbers Up, But Mortgage-Relief Effort Still Falters," Alan Zibel, Oct. 6, 2011

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Debt-Related Questions? We Can Help.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

James H. Monroe, P.A.
651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Orlando Law Office Map