With the alarmingly increasing rate of foreclosures in the past two years, mortgage refinancing has been a hot debate topic. The major problem was that the government has been acting slowly to address the concerns of millions of households. Shortly after introduction of the long awaited Loan Modification Program, it had become clear that it was seriously deficient, as it featured very long processing times and low acceptance rates. Homeowners who had all the rights to be considered under HAMP were declined by banks, losing hopes of keeping their homes. Under high heat of criticism, the Obama administration had come up with a revised Loan Modification Program to address the flaws it originally had. Once changes were put in effect, homeowners had acquired more tools to fight foreclosure, as they are now able to enjoy fast processing times for HAMP applications and alternative options to deal with foreclosure issues.
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Second Mortgage Refinance Is Now Available To Troubled Homeowners
Government has revised the incentive amounts and structure offered to banks, further motivating them to modify primary mortgages, refinance second mortgages, and write-off principal amounts for mortgages far exceeding home market values. Newly implemented lender incentive plan is serving to the benefit of homeowners, as they are now able to further reduce the debt burden and avoid foreclosure. There have also been FHA guarantee programs put in place to assist homeowners with low credit scores. If your credit has been damaged due to recession you may be assured that your refinance application would be approved, as banks now have an added layer of protection in form of government guarantees against loan defaults. FHA guarantee program had given more confidence to both, borrowers and bankers, and should further decrease the number of foreclosures in the sub-prime housing markets.
New Incentives Are Now Available To Unemployed Borrowers
The U.S. Treasury has announced it would offer more help to unemployed homeowners by bringing down their mortgage payments until they would find another job, or up to six months, whichever comes first. Such measures provide a safety net for consumers who were hit by recession the most, assuring they would not lose their homes due to temporary downturns in the job market. For the ones who are not able to find employment in the area of their residence and are forced to move out of their homes, the Treasury is offering solid relocation incentives.
More Favorable Changes To Loan Modification Are Being Developed
While the amount of governmental assistance for lenders and homeowners is truly unprecedented, there are additional measures being developed by the Obama administration to further assist recession victims to avoid foreclosure. Lenders are awaiting more incentives as they accomplish more loan modifications, and homeowners are finding it easier to deal with foreclosure issues, as they are offered more and more assistance options. The government, trying to stabilize the economy, is developing new additions to loan modification program and homeowners should await changes that are even more positive. As past mistakes are being corrected on the go, homeowners should find it a lot easier to apply for and to get approved for loan modification and other homeowner assistance programs.
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