We’ve all heard of the Obama Administration’s Making Home Affordable Program. But what is it exactly, and who is eligible?
If you have similar questions or would like to discuss options to avoid foreclosure, then you may want to attend the following presentation:
The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD), as part of the Obama Administration’s Making Home Affordable Program, are partnering with the HOPE NOW Alliance and NeighborWorks America® to bring a free homeowner event to the Reno area. This is an opportunity for you to meet one-on-one with a mortgage servicer to discuss options that may be available, as well as meet with a HUD-approved housing counselor to discuss your situation.
The event is Tuesday, April 6th, and runs from 1:00pm – 7:30pm. It is being held at the Reno Sparks Convention Center.
Click on the flyer below for more information…
…or click here: Making Home Affordable.gov
Riley
Somewhat related to this thread, B of A announced today that it will forgive up tp 30% of the principal balance for its borrorwers whose loan balance is 120% of the value of their house.
Jessy
Riley, is this only for owner occupied?
Sully
Jessy, its aimed at former Countrywide borrowers for now.
http://www.nytimes.com/2010/03/25/business/25housing.html
MikeZ
RE: “B of A announced today that it will forgive up tp 30% of the principal balance”
That’s the only solution that might actually help keep underwater borrowers in their homes and paying.
The old modification plans: rolling the past-due amounts onto the end of the loan, were right out of the Sopranos’ shylock manual, in the chapter “How to Keep Bleeding the Mark.”
Cornell
It appears that the program will only be available to borrowers with option-ARM loans and only then if the house has depreciated a certain amount since the loan inception. It appears that only about 45,000 borrowers nationwide will be eligible. That is less than 1% of all borrowers with BoA mortgages who owe more than their house is worth.
Almost sounds like this more about public relations and an effort to stem criticism that the big bank has done little to help the foreclosure crisis, rather than a serious effort to really do anything.
DonC
I hope this works. However, it seems that credits on the demand side are easier to sell politically and more effective at stabilizing the housing market. I think they’re wasting their time by focusing on the supply side.
longerwalk
Homeowners also will have to show that paying what they are paying is a problem, e.g., that their income doesn’t support the current payment.
Of course, anyone who lives/lived below their means and didn’t get in over their heads to start will not be rewarded for their conservative approach to their money!